The MathWorks Donates Software to FISC New York

The MathWorks Inc announced its donation of more than $50,000 of computational modeling software to the Financial Industry Solutions Center (FISC) New York. The MathWorks provided FISC with MATLAB and its companion financial engineering toolboxes for research, consulting, and training, including a new course in advanced finance. Developed and taught by Cornell University's Robert Jarrow and Thomas Coleman, the "Introduction to Computational Finance Using MATLAB" course offers quantitative researchers, portfolio managers, and financial engineers a foundation for option and fixed income pricing and an understanding of the powerful computational environment.

"As a FISC technology partner since its inception, we are excited to support our long-time users, Dr. Jarrow and Dr. Coleman. We're also pleased to play such an integral role in their efforts to deliver on FISC's mission: to solve the financial community's most challenging computational problems," said Eugene McGoldrick, Ph.D., Development Manager, Financial Products, at The MathWorks.

Founded by SGI and Cornell University, FISC New York addresses the challenges faced by financial professionals in risk management, financial engineering, and business intelligence. As such, the consortium provides a secure, consultative environment to develop and test advanced solutions with leading industry practitioners and prominent academicians. In addition to leveraging its partnership with The MathWorks for curriculum development, FISC consultants utilize the MATLAB family of financial engineering and application development tools to create customized applications for financial modeling, computational finance, software development, and real-time visualization. The Cornell University applications include:

• The Cornell Multi-Task Toolbox (CMTM), which holds key parallel computing functionality for index tracking, scenario portfolio optimization, and pricing financial instruments over a range of scenarios;
• A toolbox that extends the capabilities of MATLAB to include automatic differentiation;
• A set of tools for generating and visualizing volatility surfaces when pricing risk-sensitive financial instruments; and
• A MATLAB interface to facilitate pricing options using partial differential equation techniques.

MATLAB is a high-level programming language well suited to data analysis and visualization, mathematical modeling, and development of full-scale applications. In addition, the MathWorks provides a complete, fully integrated set of MATLAB-based tools for financial engineering. These tools support the entire financial application development process from academic research to quantitative research and prototyping, all the way through to application development and deployment to the end-user through legacy systems. With MATLAB's open, component-based architecture, users may select only the toolboxes and extensions they require.

About The MathWorks Inc

Established in 1984, The MathWorks Inc, based in Natick, Mass., provides a leading software computing environment and solutions for engineers, scientists, and technical professionals. The MathWorks is dedicated to offering tools for numeric computation, visualization, modeling, and simulation to academic institutions, companies, and government agencies across a wide range of disciplines. Among them are the world's foremost automotive, aerospace, environmental, telecommunications, computer peripherals, medical, financial, and educational organizations.

The MathWorks pioneered MATLAB, a high-level language for technical computation that has largely supplanted FORTRAN. Building on that, The MathWorks developed Simulink and other powerful software tools for model-based design, which are changing the way engineers develop real-time and embedded systems. Today more than 500,000 users around the globe rely on The MathWorks products for innovative solutions and tremendous gains in flexibility and productivity. Visit www.mathworks.com for more information about The MathWorks Inc and its products.

Contact The MathWorks Inc, Liz Callanan 508-647-7417, lcallanan@mathworks.com