C*ATS Releases FiCAD Version 2.1

C*ATS Software has released version 2.1 of FiCAD, the vendor's object-oriented development environment for enhancing and extending its C*atalyst suite of financial applications.

The new release includes a heavy emphasis on risk management functionality, stemming from the re-orientation of C*ATS' corporate strategy last year to target the rapidly growing market for global risk management systems (Derivatives Engineering & Technology, January 21, 1995).

According to spokesperson for C*ATS, specific improvements in FiCAD 2.1 include a new value-at-risk (VAR) library containing objects which implement JP Morgan's RiskMetrics VAR methodology.

The vendor was an early proponent of the VAR concept - C*ATS was one of nine initial software vendors participating in the RiskMetrics project (DE&T, October 17, 1994).

Other improvements to FiCAD focus on the systems integration side of risk management, rather than straight calculations.

These include new objects that link the vendor's VAR Simulator package with external position-keeping systems and Teknekron Software Systems' Teknekron Information Bus (TIB) data distribution platform.

Moreover, new matrix objects and mathematical terms provide support for the correlation maths often used in VAR calculations.

Also included in FiCAD 2.1 are improvements which ease the development of financial applications. These include better debugging tools, flexible iteration terms, user-defined enumerations and a FiCAD batch mode.

"FiCAD 2.1 is intended to improve FiCAD's financial and risk functionality and to enhance the ability of developers to build financial systems," says the C*ATS spokesperson.

"Many of the features in FiCAD 2.1 resulted from feedback by clients, including matrix maths, import/export of spreadsheet files, enhanced database access and the VAR Simulator."

Database links

FiCAD now offers database access to Sybase's System 10 and to the proprietary database used by C*atalyst applications, says the spokesperson.

The application development side of the system, dubbed FiCAD Builder, runs on NeXT Computer's Nextstep object-oriented operating system. FiCAD User, the run time version, also runs on Sun Microsystems' Solaris Unix variant. A Microsoft Windows NT is also under development, says the spokesperson.

C*ATS' finance library contains pricing and other objects including Black, Black-Scholes and Garman-Kolhagen option pricing models, discount factor to discount rate conversion and financial date functions.

The FiCAD VAR library covers cash flow mapping objects, data aggregation objects and VAR calculation objects, adds the spokesperson.

C*ATS first introduced the FiCAD system at the beginning of last year, touting a number of impressive sales to the likes of Bankers Trust, Daiwa Securities, Mitsubishi Finance International and Tokai Bank Europe (DE&T, January 23, 1995).

However, the spokesperson declines to comment on whether or not C*ATS has landed any users for FiCAD 2.1.

Though C*ATS has been signing customers for FiCAD outside the U.S., the California-based vendor has of late appeared to be struggling at home, according to industry observers.

In a bid to boost North American sales, C*ATS reorganised its New York office last year (DE&T, August 21, 1995). The company is preparing to release its year-end sales figures later this month.