Santander Private Banking, the Italian private banking division of Santander Group, has selected SunGard’s FastVal, a valuation service for over-the-counter derivatives, aiming to increase operational efficiency when valuing its portfolios of non-liquid instruments.

Furthermore the bank’s risk and compliance departments will use the system to help meet the CONSOB (the public authority responsible for regulating the Italian securities market) requirements on the valuation of illiquid instruments and OTC derivatives.

Santander Private Banking is also looking to the system to help manage what it calls “the increasing complexity of derivatives pricing”.

“We selected the solution for its ease of implementation, coverage of OTC instruments and flexibility in valuing complex derivatives, which will help us remain adaptable to changes in the industry,” said Antonino Rao, IT manager at Santander Private Banking.