Upcoming

• At the National Municipal Bond Summit taking place from March 17-19th in Miami, FL, Dr. Kalotay will be part of a panel discussion on Signal vs. Noise: Using Quantitative Analysis to Improve Efficiency.

March 2010

• On March 9th, Dr. Kalotay spoke at CFA Institute's Wealth Management 2010 conference in Phoenix, AZ. The topic is Bonds with Survivor as an Estate Planning Tool.

• Dr. Kalotay is quoted in Gretchen Morgenson's Fair Game column in the March 7th Sunday New York Times, The Swaps That Swallowed Your Town: “The basic problem is the swap adviser gets paid only if there is a transaction — an unbelievable conflict of interest. It’s the adviser who is supposed to protect you, but the swap adviser has a vested interest in seeing something happen.”

February 2010

• At the PRMIA New York Chapter meeting Examining Model Risk in Fixed Income Assets on February 25th, Dr. Kalotay gave a talk on Exposing MBS Model Risk: Look OUTSIDE the Black Box.

• Dr. Kalotay presented at the PRMIA Risk Management Seminar Series at the Fields Institute in Toronto on February 16th.

January 2010

• BondDesk Group LLC, a leading financial technology firm, has selected fixed income libraries from AKA to augment analytics on its Alternative Trading System (ATS). The suite of AKA libraries, which includes the patented CLEAN™ MBS Prepayment Model, covers fixed and floating rate bonds, inflation linked structures, and mortgage-backed securities, will support pre-trade and post-trade analytics as well as reporting.

• AKA received a patent for its method of determining when to refinance a mortgage optimally. The approach is implemented Mortgage Refinancing Calculator.

December 2009

• Interactive Data Corporation (NYSE: IDC), a leading provider of financial market data, analytics and related solutions, announced that it now delivers intraday fixed income valuations employing a variety of advanced analytics from Andrew Kalotay Associates, to help clients around the world more closely monitor portfolio value changes and provide European and Asian domiciled funds with new inputs to their fair value procedures.

• In partnership with The Bond Buyer, Andrew Kalotay Associates is pleased to announce the release of the Advance Refunding Calculator. Based on proprietary valuation algorithms from AKA (the same technology underlying DebtPays™ and Call Efficiency Calculator™), and supported by data from Mergent, Municipal Market Advisors, and BondDesk, the application enables issuers and their advisors to assess the attractiveness of various refunding scenarios.

• As a part of the Fixed Income Analysts Society (FIASI) speaker series, Dr. Kalotay gave a presentation on The Changing Landscape of Municipal Bonds at the Williams Club in New York, on December 2nd.

October 2009

• Dr. Kalotay presented two sessions, Overcoming the Data Hurdle in Muni Bond Analysis, and Special Session on the Bond Market in Crisis of 2008, at Financial Management Association (FMA)'s Annual Meeting in Reno-Lake Tahoe, Nevada on October 22nd.

• Along with Bill Whitehead, Senior Vice President at the Federal Farm Credit Banks Funding Corporation (FFCB), Andrew Kalotay gave a presentation on Debt Management: The Call Efficiency Measure and Optimal Debt Refunding at the Association for Financial Professionals (AFP)'s Annual Conference in San Franciso, CA on October 4-7th.

September 2009

• Dr. Kalotay spoke at Incisive Training's course on the Valuation of Assets in Illiquid Markets in New York on September 29th, the topic was Pricing Consistency Across Asset Classes: Bringing MBS into the Fold.

• At the invitation of the Global Association of Risk Professionals (GARP), Dr. Kalotay gave a presentation on Mortgage Prepayment Models and Risk Perception at Pace University in New York on September 15th.

August 2009

• Listen to Michael Fratantoni, the Mortgage Bankers Association (MBA)'s Vice President of Single Family Research and Andrew Kalotay, President of Andrew Kalotay Associates, discuss the manual A Financial Analysis of Consumer Mortgage Decisions in a MBA Executive Podcast.

• AKA releases a new desktop application, Survivor's Option Analyzer™ for the analysis of retail bonds with survivor's option.

• Read Andrew Kalotay's article on estate puts in this month's CFA Institute: Private Wealth Management Newsletter.

July 2009

• Calypso Technology, a global application software provider of an integrated trading and risk application suite to the capital markets industry, issued a press release to announce the Integration of AKA's Financial Libraries to Provide Market-Standard Fixed Income Analytics.

• The patent for the CLEAN™ MBS Prepayment and Valuation Model has been issued.

• Andrew Kalotay is quoted in Bloomberg: Taxpayers Inferior to Shareholders With Obama Bonds.

• At the request of Colin MacNaught, the Assistant Treasurer of the Commonwealth of Massachusetts, Dr. Kalotay spoke to a group of Massachusetts treasurers on July 17th about the valuation and management of callable bonds.

June 2009

• AKA has added a new enhanced functionality to the CLEAN™ MBS Prepayment and Valuation Model to allow it to price and analyze non-agency pass-through securities.

• Buy-Side Technology mentions AKA in Spotlight trained on OTC pricing platforms.

• Securities Industry News mentions AKA in Dealers May Need To Upgrade Valuation Services.

• The Mortgage Banker's Association (MBA) released a manual, A Financial Analysis of Consumer Mortgage Decisions, conducted by Andrew Kalotay and Qi Fu and sponsored by the Research Institute for Housing America (RIHA). This manual provides financial planners, housing counselors and potential homeowners with a deeper look into some of the complex mortgage decisions consumers face and methods for analyzing mortgage choices.

• Due to the outpouring of interest following the press release on our patented MBS valuation method, Dr. Kalotay will be holding a series of webinars to answer questions about the CLEAN™ MBS Prepayment and Valuation Model. If you would like to receive an invite to attend the next one, please send an email to qifu@kalotay.com.

• At The Bond Buyer's request, AKA analyzed an advanced refunding issue by the Ohio Turnpike Commission, see the results in The Not-Quite-Science of Refinancing.

• AKA issues a new press release: Patent Office Gives Nod to MBS Model.

May 2009

• The Bond Buyer interviews Andrew Kalotay regarding the bond structure he invented in Ratcheting the Goose That Lays Golden Eggs.

• Read Dr. Kalotay's column in the May 11 edition of The Bond Buyer: Build America Bonds: Seeking the Missing Option.

• Celent included AKA as a part of its Pricing Solutions for OTC Derivatives and Structured Products research report.

• The Bond Buyer interviews Andrew Kalotay regarding the Build America Bonds in Call Option for BABs: Yea or Nay?

April 2009

• AKA's patent application for its revolutionary CLEAN™ MBS Prepayment and Valuation Model has been allowed!

March 2009

• Dr. Kalotay gave a presentation at Baruch College on Security Pricing Services: How Valuation Models Are Replacing Evaluators.

• AKA is included in the A-Team Group's OTC Valuations Research Report.

February 2009

• Read how Tennessee Valley Authority found a way to ratchet down the rate of their callable debt without transaction cost in The Power of the Callable Bond on CFO.com.

January 2009

• AKA issued an important press release on the Innovative New Bond Structure That Sidesteps The Credit Crisis.

December 2008

• AKA is part of Risk Magazine's annual software round-up detailing the latest developments in financial technology.

• On December 2nd, Dr. Kalotay gave a talk at the Washington Association of Money Managers about Model-Based Pricing of Bonds and MBS.

November 2008

• In the forthcoming Winter 2008 issue of The Journal of Fixed Income, Dr. Kalotay and Michael Dorigan solve an age old conundrum: What Makes the Municipal Yield Curve Rise?

October 2008

• Dr. Kalotay gave a presentation at the Federal Housing Finance Agency (FHFA) on how interest rates affect refundings, and how a 100 bps decline would cause Congestion.
  

• Andy Kalotay moderated at the Mortgage Risk USA Conference on October 2nd and 3rd, at the W Hotel in New York.

September 2008

• Andy Kalotay participated in the Municipal Bond Roundtable hosted by PNC on September 4th.

• Read why, on an after-tax basis, callable bonds can be a good deal for both issuer and investor, in the new issue of Journal of Applied Corporate Finance.

• This fall, Dr. Kalotay is teaching a course on Special Topics in Fixed Income at Polytechnic Institute of New York University.

June 2008

• Read about the stir created by Andrew Kalotay at the GFOA Annual Conference last week in The Next Hot Muni Controversy.

• Listen to Dr. Deane Yang’s interview about the municipal ETF industry and its reliance on the intraday pricing system that he helped develop, on the MuniMarket Pulse, a podcast of DerivActiv.

March 2008

• Andrew Kalotay presented at the Society of Actuaries Investment Symposium - Financial Opportunities in a Changing World in New York.

• Andrew Kalotay spoke on How Volatility Affects the Value of Mortgage Servicing Rights at the BlackRock BRS Financial Seminar Series in New York.

February 2008

• AKA selected by the Government of Canada to develop, implement, and operate a live yield curve model.

• ...Part of the team advising Dormitory Authority of the State of New York (DASNY), one of largest municipal bond issuers in the US.

• Deane Yang is quoted in Bloomberg: Hidden Swap Fees by JPMorgan, Morgan Stanley Hit School Boards.

January 2008

• Andrew Kalotay is quoted in Boston.com: Job Followed Fast-Track State Bond Deal.

December 2007

• Andrew Kalotay is quoted in The Bond Buyer: Intraday Bond Pricing for ETFs and Beyond.

April 2007

• Dr. Kalotay is interviewed by RiskCenter about Playing the Mortgage Game Like a Risk Professional. 

April 2006

• AKA and FinAnalytica, Inc. announced the formation of a strategic partnership.

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