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IBM XVA Sensitivities V1.0 Enables High-Performance Calculation Of IBM United States Software Announcement 218-456, dated October 16, 2018 IBM XVA Sensitivities V1.0 enables high-performance calculation of XVA exposure measures and their sensitivity to market data, without the need for specialist hardware Table of contents 1 Overview 3 Technical information 2 Key prerequisites 3 Ordering information 2 Planned availability date 4 Terms and conditions 2 Product positioning 7 Prices 2 Program number 8 Order now 3 Publications At a glance IBM(R) XVA Sensitivities V1.0 leverages optimization and acceleration techniques that are designed to give high-performance acceleration without the need for expensive or specialist hardware. These techniques include: • Adjoint Automatic Differentiation (AAD) • Dynamic compilation • Smart simulation XVA Sensitivities V1.0 enables: • On-demand calculation of baseline X-Value Adjustment (XVA) measures and sensitivities that are important for regulatory and hedging purposes • Re-hedging of risk due to XVA during times of significant market stress • XVA desks to perform timely calculation of P&L attribution Overview XVA Sensitivities V1.0 is designed to enable banks to perform an on-demand calculation of the baseline XVA measures and sensitivities that are important for both regulatory reporting and efficient hedging of risk. These XVA measures include Credit Valuation Adjustment (CVA), Debt Valuation Adjustment (DVA), and Funding Valuation Adjustment (FVA). XVA Sensitivities is designed with a newly developed language called Boxy. This language is used to capture the pricing models for the different products traded by the bank. IBM provides a library of such models, and clients have the ability to extend these models or develop their own models as required. XVA Sensitivities leverages optimizations and techniques that are designed to give the required high-performance acceleration without the need for expensive or specialist hardware. These techniques include: • Adjoint Automatic Differentiation (AAD). A method of using differential calculus to determine the derivative (sensitivity) of an exposure measure with respect to an input risk factor. AAD involves both a forward and reverse pass through the simulation and aggregation components of a risk system. The forward pass IBM United States Software Announcement 218-456 IBM is a registered trademark of International Business Machines Corporation 1 enables the system to determine the baseline XVA measures, while the reverse pass enables the system to determine the sensitivity of all possible input risk factors to the XVA measure. The Boxy code promotes efficient implementation of AAD and better performance than in-house developed systems. • Dynamic compilation. A process of delaying the compilation of a program (for example, the translation from source code to processor instruction set) until the time the program is loaded and run. This can enable the generation of more efficient code, resulting in performance improvements. The open-source dynamic compilation framework (called Low Level Virtual Machine (LLVM)) enables XVA Sensitivities to be targeted to the hardware that the client has available. It also provides the opportunity of running the XVA Sensitivities on Graphical Processing Units (GPUs) to further increase performance. • Smart simulation. The process of only re-simulating and re-aggregating trades that are affected by the change in a risk factor. Key prerequisites None Planned availability date November 27, 2018 Section 508 of the US Rehabilitation Act IBM XVA Sensitivities is capable as of November 27, 2018, when used in accordance with associated IBM documentation, of satisfying the applicable requirements of Section 508 of the Rehabilitation Act, provided that any assistive technology used with the product properly interoperates with it. A US Section 508 Accessibility Conformance Statement can be requested on the Product accessibility information website. Product positioning IBM XVA Sensitivities Foundation is a standalone module that does not require other IBM components. It may be used in conjunction with the IBM Algo One(R) family of products, or with any other client or vendor system capable of providing the necessary inputs. For existing clients of IBM Algo One, utilities are available to allow extraction of the required input data from IBM Algo One. Program number Program number VRM Program name 5737-I73 1.0.0 IBM XVA Sensitivities Education support IBM training provides education to support many IBM offerings. Descriptions of courses for IT professionals and managers can be found on the IBM Training and Skills website. Call IBM training at 800-IBM-TEACH (426-8322) for catalogs, schedules, and enrollments. IBM United States Software Announcement 218-456 IBM is a registered trademark of International Business Machines Corporation 2 Offering Information Product information is available on the IBM Offering Information website. More information is also available on the Passport Advantage(R) and Passport Advantage Express(R) website. Publications IBM XVA Sensitivities documentation will be available November 27, 2018, in IBM Knowledge Center, the home for IBM product documentation. You can customize IBM Knowledge Center to create a collection of documents that include the technologies, products, and versions that you select. Services Software Services IBM Software Services has the breadth, depth, and reach to manage your services needs. You can leverage the deep technical skills of our lab-based, software services team and the business consulting, project management, and infrastructure expertise of our IBM Global Services team. Also, we extend our IBM Software Services reach through IBM Business Partners to provide an extensive portfolio of capabilities. Together, we provide the global reach, intellectual capital, industry insight, and technology leadership to support a wide range of critical business needs. To learn more about IBM Software Services, contact your Lab Services Sales or Delivery Leader. Technical information Specified operating environment Software requirements IBM XVA Sensitivities runs on the Red Hat Linux(R) operating system. The version of Linux must be 7.4, or later. Planning information Packaging This offering is delivered through the internet as an electronic download. There is no physical media. This program, when downloaded from a website, contains the applicable IBM license agreement and License Information, if appropriate, which will be presented for acceptance at the time of installation of the program. For future reference, the license and License Information will be stored in a directory such as LICENSE.TXT. Ordering information For ordering information, consult your IBM representative or authorized IBM Business Partner, or go to the Passport Advantage website. This product is only available through Passport Advantage. It is not available as shrinkwrap. IBM United States Software Announcement 218-456 IBM is a registered trademark of International Business Machines Corporation 3 These products may only be sold directly by IBM or by authorized IBM Business Partners for Channel Value Rewards. More information can be found on the IBM Channel Value Rewards website. To locate IBM Business Partners for Channel Value Rewards in your geography for a specific Channel Value Rewards portfolio, go to the Find a Business Partner page. Product group: Algorithmics(R) Product: IBM XVA Sensitivities (5737-I73) Product category: IBM XVA Sensitivities Passport Advantage IBM XVA Sensitivities (5737-I73) Part number description Part number IBM XVA Sensitivities Foundation Resource D219ZLL Value Unit License + SW Subscription & Support 12 Months IBM XVA Sensitivities Foundation Resource E0PPXLL Value Unit Annual SW Subscription & Support Renewal 12 Months IBM XVA Sensitivities Foundation Resource D21A1LL Value Unit Monthly License IBM XVA Sensitivities Foundation Resource D21A0LL Value Unit SW Subscription & Support Reinstatement 12 Months Charge metric The charge metrics for this licensed product can be found in the following License Information document: Program identifier License Information License Information document title document number 5737-I73 IBM XVA Sensitivities L-PFOR-B45HLG Select your language of choice and scroll down to the Charge Metrics section. Follow-on releases, if any, may have updated terms. See the License Information documents website for more information. Terms and conditions The information provided in this announcement letter is for reference and convenience purposes only. The terms and conditions that govern any transaction with IBM are contained in the applicable contract documents such as the IBM International Program License Agreement, IBM International Passport Advantage Agreement, and the IBM Agreement for Acquisition of Software Maintenance. This product is only available through Passport Advantage. Licensing IBM International Program License Agreement including the License Information document and Proof of Entitlement (PoE) govern your use of the program. PoEs are required for all authorized use. Part number products only, offered outside of Passport Advantage, where applicable, are license only and do not include Software Maintenance. Software Maintenance IBM United States Software Announcement 218-456 IBM is a registered trademark of International Business Machines Corporation 4 Licenses under the IBM International Program License Agreement (IPLA) provide for support with ongoing access to releases and versions of the program. IBM includes one year
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