New York, July 27, 2006 – Reval, a global leader in financial risk management solutions and services, is delighted to announce that Hunting PLC has selected Reval’s HedgeRx® to handle foreign exchange and interest rate risk management as well as hedge accounting under IAS 39.
Hunting PLC, established in 1874, is an international oila and gas services company providing support solutions to the world’s largest oil and gas concerns. Hunting chose Reval for its comprehensive and unique web-based derivatives risk management solution solving processing, compliance, and reporting issues associated with derivatives transactions.
Reval’s solution will help Hunting PLC to resolve their issues with the valuation and documentation of their Interest rate and foreign exchange instruments and allows them to assess the effectiveness of their hedging derivatives to mitigate earnings volatility.
"Reval’s HedgeRx will strengthen our risk management capabilities and add support to the financial reporting of Treasury" noted Chris St Quintin, Group Treasurer of Hunting PLC.
The implementation of HedgeRx is expected to go live before the end of September to provide treasury managers with on-demand information on positions, exposures and independent mark to markets while also reducing processing times, improving governance controls and eliminating prior reliance on spreadsheets.
"Reval is pleased to help Hunting with their hedge accounting issues and build a long term relationship" noted Peter Reynolds, Sales Director from Reval "We are also happy to expand our presence in Europe and share our expertise in IAS 39."
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