Cornell Theory Center to Develop HPC Tools for Global Capital Markets.Business Editors ITHACA Ithaca, city, United States Ithaca (ĭth`əkə), city (1990 pop. 29,541), seat of Tompkins co., S central N.Y., at the southern end of Cayuga Lake, in the Finger Lakes region; settled 1789, inc. as a city 1888. , N.Y.--(BUSINESS WIRE)--Nov. 29, 2000 The Cornell Theory Center Cornell Theory Center - (CTC) One of four supercomputing centers funded by the US National Science Foundation. The CTC also receives funding from the Advanced Research Projects Agency, the National Institutes of Health, New York State, IBM Corporation, and other members of the (CTC CTC - Cornell Theory Center ), a leader in high performance computing systems, applications and tool development, has been awarded a three-year contract by TG Information Network Co., Ltd. (TGINet) of Tokyo to develop HPC financial tools to better manage risk in Japanese and Asian capital markets. "New algorithms, robust numerical PDE methods, volatility surfaces, and parallelism will be used to develop tools that more accurately compute the risk and reward profiles of large-scale portfolios, options, and Value-at-Risk (VAR) calculations," explained CTC director, Thomas F. Coleman, who also directs the Financial Industry Solutions Center (FISC fisc n. The treasury of a kingdom or state. [French, from Latin fiscus, money basket, treasury.] Noun 1. ) in Manhattan. "We're pleased to be working with CTC to develop financial tools optimized for high performance computing," said TG Information Network president Toshihiko Takahashi. "Analytic and visualization tools optimized for parallel computing environments will help financial institutions better manage opportunities and risk in markets that are becoming increasingly competitive," Takahashi added. The Japanese government plans to initiate Phase III of the "Big Bang", an extensive deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. of Japan's finance industry designed to foster competition, in 2001. The CTC development team will use new methods and algorithms in addition to parallelism to create the functionality required for pricing and hedging basic and exotic options, rebalancing portfolios, and calculating implied volatility surfaces. Tool functions will be suitable for input to multiple valuation models. CTC has expertise in developing parallel tools such as the Cornell Multi-Task Toolbox for MATLAB (MATrix LABoratory) A programming language for technical computing from The MathWorks, Natick, MA (www.mathworks.com). Used for a wide variety of scientific and engineering calculations, especially for automatic control and signal processing, MATLAB runs on Windows, Mac and (CMTM CMTM Clothes Make the Man ). CTC is working with leading U.S. finance industry firms on optimization and financial analytics at the Financial Industry Solutions Center (FISC-NY) (www.fisc-ny.com) in Manhattan and at the Cornell Theory Center in Ithaca, NY (www.tc.cornell.edu>. TG Information Network and SGI are opening a Financial Industry Solutions Center (FISC-Japan) in Aoyama, downtown Tokyo on December 15. TGINet and CTC plan to provide third party clients from the Asian securities and banking industries with financial tool development, training and consulting services. |
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