Press Release
National City's Use of Principia Analytic Systems Cited as Factor in Successful Middle Market Penetration
New York, September 21, 1998 – Principia Partners, the rapidly
growing provider of turnkey, dealer- developed software for the derivatives
and fixed-income markets, today announced that long-term users of
the Principia Analytic System (PAS) have credited the software as
a key component of their success in marketing derivatives and risk-management
strategies to Middle Market clients. National City Bank and NatCity
Investments, Inc., subsidiaries of National City Corporation, have
used the software since 1996 to help manage interest rate and related
risk for their customers.
Anthony P. Crisalli, Jr., senior vice president and managing director of the Structured and Derivatives Product Group, NatCity Investments, Inc., said his group routinely uses PAS to help it create and price transactions for clients, and to manage established derivative portfolios. "The growth in our business in the last two years has been dramatic and that is the result of our own marketing and educational efforts with customers, and the ability to give people in our organization access to excellent tools," said Mr. Crisalli. "PAS has great functionality, provides us the reports we require, has the execution capabilities to handle the volume of business we have generated, and is supported by a company which is extremely responsive to our needs."
Jeffrey Faunce, Vice President of National City Bank, noted that, "PAS allows us to match the amortization structure of the subsidiary's derivative portfolio with loans the Bank has made, thus allowing us to manage our interest rate risk effectively. The system has been flawless in helping us to meet our risk management objectives, and we particularly value the extremely low after-purchase maintenance required."
About National City Corporation
National City Corporation (NYSE:NCC) is an $81 billion bank holding company based in Cleveland, Ohio. The company offers a full range of financial services, including investment banking, brokerage and traditional banking services, to individuals and businesses. National City has branch offices in Ohio, Pennsylvania, Michigan, Indiana, Kentucky and Illinois. National City can be found on the World Wide Web at www.national-city.com.
About Principia Partners
Principia Partners, headquartered at Harborside Financial Center in New Jersey, was founded by a group of finance and technology professionals who have over a century of combined experience in the financial markets. From this expertise in trading, operations, systems and risk oversight comes the framework for the Principia Analytic System (PAS), the company’s front-to-back office solution for trading and portfolio management in the derivatives and fixed-income markets. PAS includes a complete set of robust risk management tools to value portfolios and evaluate risk under expected, historical and stressed conditions. The turnkey system, which is distinguished by its ease of installation, is used by derivatives dealers, commercial banks, insurance companies, investment banks, money managers, hedge funds and government agencies. For more information on Principia, see www.ppllc.com.
For press information contact:
Shamira Alidina
Write Image
271 Regent Street
London W1B 2BP
shamira@write-image.co.uk
Tel: + 44 (0) 20 7959 5450
Fax: + 44 (0) 20 7493 5499
Email: shamira@write-image.co.uk