Dr. Oldrich Alfons Vasicek Named the 2004 Recipient of the IAFE/SunGard Financial Engineer of the Year Award.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- SunGard Trading and Risk Systems, an operating group of SunGard (NYSE NYSE See: New York Stock Exchange :SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), and the International Association of Financial Engineers The International Association of Financial Engineers (IAFE) is a non-profit professional society dedicated to fostering the field of financial engineering. The IAFE hosts several panel discussions throughout the year to discuss the issues that affect the industry from both academic (IAFE IAFE International Association of Financial Engineers IAFE International Association of Fairs and Expositions IAFE Instituto de Astronomia y Fisica del Espacio (Buenos Aires, Argentina) ), today announced that Dr. Oldrich Vasicek has been named the 2004 IAFE/SunGard Financial Engineer of the Year (FEOY). Dr. Vasicek, a founding partner of KMV KMV Keyboard/Mouse/Video KMV Kealhofer, McQuown and Vasicek (founders of a company and measure of default probability) KMV Key Mediating Variable (marketing) Corp, and advisor to Moody's KMV, was selected for his long-time contribution to the field of financial engineering, most notably for his pioneering work on fixed income derivatives and his more recent contributions to the modeling of credit risk. The award will be presented to Dr. Vasicek on February 3, 2005, at the United Nations in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , during the 2004 IAFE/SunGard FEOY Award Gala Dinner. The annual IAFE/SunGard FEOY Award, established in 1993, recognizes individual contributions to the advancement of financial engineering technology. Nominations are submitted by a nominating committee of 100 people, consisting of all the IAFE governing boards. They are then reviewed by a selection committee of 25 members, including the IAFE board of directors and senior fellows. This year's selection committee was chaired by Dr. Jonathan Ingersoll, an IAFE senior fellow and 2002 FEOY award recipient, and a professor at Yale University. Dr. Vasicek said, "I am greatly honored by this award. The IAFE is an excellent organization that has throughout its existence done an outstanding job of promoting and supporting the development of financial theory, and the implementation of new research in practice." Richard Lindsey, chair of the IAFE, said, "Dr. Vasicek is a most distinguished scholar and practitioner in the field of credit risk. All of us have benefited immensely from his work in this area. It is fitting that he should join the past recipients of the FEOY award, and we are delighted to name him." David Rowe, group executive vice president, risk management, SunGard Trading and Risk Systems, said, "It is our honor to continue to be associated with this prestigious award. This year, we are delighted to present the FEOY Award to Dr. Vasicek, whose seminal conceptual contributions to financial engineering have had such a profound influence on practice." Biographical Information: Dr. Oldrich Alfons Vasicek Oldrich is a founding partner of KMV Corporation and currently advises Moody's KMV. In his early career, he was a Vice President in the Management Science Department of Wells Fargo Bank. His academic career includes teaching graduate finance at the University of Rochester The University of Rochester (UR) is a private, coeducational and nonsectarian research university located in Rochester, New York. The university is one of 62 elected members of the Association of American Universities. , the University of California at Berkeley (body, education) University of California at Berkeley - (UCB) See also Berzerkley, BSD. http://berkeley.edu/. Note to British and Commonwealth readers: that's /berk'lee/, not /bark'lee/ as in British Received Pronunciation. and at Ecole Superieure des Sciences Economiques et Commerciales (ESSEC ESSEC École Supérieure des Sciences Économiques et Commerciales (French business school) ) in France. A native of the Czech Republic, he holds a Ph.D. in probability theory from Charles University in Prague Other universities in the region were Krakow (1364) in Poland, Vienna (1365) in Austria and Heidelberg (1386) in Germany. Its seal shows Charles kneeling in front of St. Wenceslas, surrounded by the inscription, Sigillum Universitatis Scolarium Studii Pragensis . Oldrich works in mathematical finance, particularly on development of quantitative models of firms, financial instruments and financial markets. His work is extensively cited and used in applications. He has published over 30 articles in financial and mathematical journals and has received a number of honors, including the Graham and Dodd Graham and Dodd Authors of Security Analysis, one of the more well known and durable works dealing with investment philosophy. Graham and Dodd stressed the importance of value investing, that is, buying shares of companies with undervalued assets and Award, the Roger F. Murray Prize, the Award of the Institute for Quantitative Research Quantitative research Use of advanced econometric and mathematical valuation models to identify the firms with the best possible prospectives. Antithesis of qualitative research. in Finance and the Risk Magazine Lifetime Achievement Award. He has been inducted into the Derivatives Strategy Hall of Fame, the Fixed Income Analysts Society Hall of Fame and the Risk Hall of Fame. His equilibrium model of the term structure of interest rates Term Structure of Interest Rates A yield curve displaying the relationship between spot rates of zero-coupon securities and their term to maturity. is generally recognized as a genesis of this field in finance. Previous Award Recipients Dr. Vasicek joins a prestigious list of recipients of the IAFE/SunGard Financial Engineer of the Year Award. They include: Darrell Duffie, Jonathan Ingersoll, Andrew Lo, Emanuel Derman, John Hull, John C. Cox John Carrington Cox is the Nomura Professor of Finance at the MIT Sloan School of Management. He is one of the world's leading experts on options theory and one of the inventors of the Cox-Ross-Rubinstein model for option pricing, as well as of the Cox-Ingersoll-Ross model for , Robert Merton, Fischer Black, Mark Rubinstein, Stephen Ross, and Robert Jarrow. Myron Scholes received a lifetime achievement award in 2001. About the International Association of Financial Engineers (IAFE) The IAFE is the not-for-profit, professional society dedicated to fostering the profession of quantitative finance by providing platforms to discuss cutting-edge and pivotal issues in the field. Founded in 1992, the IAFE is composed of individual academics and practitioners from banks, broker dealers, hedge funds, pension funds, asset managers, technology firms, regulators, accounting, consulting and law firms, and universities across the globe. Through frank discussions of current policy issues, sponsoring programs to educate the financial community and recognizing the outstanding achievements in the field, the IAFE acts as a beacon for the development of quantitative finance. Throughout its history, the IAFE's pre-eminent leadership has positioned it to respond with savvy to the evolving needs of the financial engineering community. The IAFE's programs - from area-specific committees to monthly panel discussions to the Financial Engineer of the Year Award - are designed to provide its members with uniquely valuable activities to enhance their work in the field and opportunities to network and socialize so·cial·ize v. so·cial·ized, so·cial·iz·ing, so·cial·iz·es v.tr. 1. To place under government or group ownership or control. 2. To make fit for companionship with others; make sociable. with their colleagues. 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