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RICH TANENBAUM

Rich Tanenbaum began his Wall Street career during breaks from college, working as the right-hand man for the most active floor trader at the Comex, the leading precious metals futures exchange. This job "in the pits" taught him how markets function at their inner core. After graduating with a math degree from Dartmouth College, Rich attended the Wharton School, where he received an MBA in finance. During the Wharton summer break, he worked for an options trader on the Pacific Coast Stock Exchange, where he wrote a computer software package on one of the first personal computers, the Apple II.

Upon graduation from Wharton, Rich joined the Investment Management Group at Bankers Trust (now Deutsche Bank). This job entailed developing new products for the bank's money managers, most of which required sophisticated mathematical models. To promote these products, Rich pitched them to pension funds, money managers and insurance companies, and successfully garnered several billion dollars for management by Bankers Trust using these new products. After four years, Rich moved to the trading floor at Bankers Trust, where the bank managed its own money as a primary dealer in Treasuries and Foreign Exchange. His transfer to this department precipitated the inception of the Bankers Trust Derivative Products Group, the first OTC derivatives desk on Wall Street. The pioneering group quickly established itself as the market leader in derivatives, with several hundred million dollars in profits during Rich's tenure. Rich was the Director of Research for the group, responsible for the mathematical models used to price, trade and hedge the bank's positions.

After eight years at Bankers Trust, Rich left and founded Savvysoft in 1990. At Savvysoft, Rich developed TOPS - Tanenbaum Option Pricing Software, a group of financial models for valuing exchanged-traded and OTC derivatives. This marked the first time that the models used at a premier derivatives trading house were made available to the commercial marketplace. The types of options valued by TOPS span the entire gamut of exotic options and derivative products. TOPS was so well received by the institutional marketplace that it has become the world's most widely used set of OTC options valuation and risk analysis software.

At Savvysoft, Rich has been highly sought after by major corporations and financial institutions for his expertise in the valuation and risk management of exchange-traded and OTC derivatives. Rich's experience in risk measurement dates back to his work at Bankers Trust, where he helped develop and design the bank's RAROC 20/20 risk management system, and used a pioneering Monte Carlo approach to handle the asymmetric payoffs of options, which represented the invention of what is now known as Monte Carlo Value at Risk (VaR).

Today TOPS is trusted by thousands of the world's leading investment bankers, commercial bankers, corporate treasurers, money managers, regional bankers, hedge fund managers, auditors, controllers and consultants in over thirty countries around the world.

 

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