Etihad Airways, the national airline of the United Arab Emirates, has selected SunGard’s Kiodex Risk Workbench, a web-based trading and risk management system to manage its jet fuel hedging program.
SunGard said that Etihad Airways’s treasury department will use Kiodex for scenario analysis, pricing, reporting, settlement and hedge accounting, and to assist with the execution of derivatives-based hedging transactions.
Delivered as a software-as-a-service (SaaS) system, SunGards’s Kiodex integrates trade capture, valuation models, risk measurement, financial reporting and independent market data. Kiodex’s SaaS delivery model provides an automated, web-based environment that will help Etihad to simplify implementation, accelerate time-to-market and gain ongoing processing efficiencies, while requiring minimal IT support, added SunGard.
James Rigney, executive vice president of finance at Etihad Airways, said: Etihad needed a complete solution that will help us take our hedging activities to the next level and protect the company’s profitability and drive business growth. SunGard’s Kiodex provides a completely automated environment for trade execution and administration, risk management, hedge accounting, independent data, models and custom reporting in one solution that is implemented in a SaaS environment.
