![]() ![]() SPAN Risk Manager integrates risk management features with core margin calculation abilities, to deliver a flexible and intuitive system for full portfolio risk management. SPAN Risk Manager–PC-SPAN plus risk analytics PC-SPAN– A single-user desktop application that offers margin calculation across multiple exchanges.Ģ. Now in its fourth generation of functionality, SPAN has evolved into a suite of three software products designed to meet the needs of a wide range of customers: PC- SPAN, SPAN Risk Manager, and SPAN Risk Manager Clearing.ġ. SPAN software is utilized by a wide range of end-users, including futures commission merchants (FCMs), investment banks, hedge funds, research organizations, risk managers, brokerage firms and individual investors worldwide. It is the official performance bond ( margin) mechanism of 50 registered exchanges, clearing organizations, service bureaus and regulatory agencies throughout the world. SPAN was the first system to calculate performance bond requirements exclusively on the basis of overall portfolio risk at both clearing and customer level. In this manner, SPAN provides for offsets between correlated positions and enhances margining efficiency. It calculates the likely loss in a set of derivative positions (also called a portfolio) and sets this value as the initial margin payable by the firm holding the portfolio. It was developed and implemented by the Chicago Mercantile Exchange (CME) in 1988. The Standard Portfolio Analysis of Risk, or SPAN, is a system for calculating margin requirements for futures and options on futures. ![]()
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