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The over-the-counter (OTC) derivatives market is a microcosm of what is andwill be happening in financial services. It is a market that uniquely reflects theneeds of clients, the concerns of regulators, the opportunity among banks, andthe role of technology. The problems and solutions for OTC derivatives havebroad applications to other parts of the financial services industry.One of the services with which a derivatives, or structured product, deskprovides clients is the ability to quickly structure, price and execute anagreement that replicates the returns of an underlying index or basket ofsecurities with customized terms and conditions. Besides highly standardizedproducts like total-return swaps and barrier options, the spreadsheet is a keytool in creating, pricing and analyzing these products. In today’s risk-averseenvironment, however, the derivatives desk must balance the creativity andspeed that clients demand with the pressure that banks are under to bettermanage their exposure to various forms of risk. These trends are driving aredesign of the way spreadsheets are deployed, run and managed across thefinancial-services industry, from global commercial banks to Greenwich-basedhedge funds.

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