Products January 10, 2007

Mellon Offers Derivative Valuation Service to Institutional Clients

Mellon Financial Corporation has introduced its independent, over-the-counter (OTC) derivative valuation service for institutional clients.

Reported by

Rebecca Moore

According to a Mellon news release, the service can provide valuations for a wide range of swaps and options. “The market is moving toward suppliers that can provide independent valuations for a wide range of OTC derivatives besides the two most common, interest rate swaps and credit default swaps,” Daniel Wywoda, senior vice president, Mellon’s Asset Servicing group, said in the release.

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Wywoda pointed out Mellon “can obtain valuations for default basket swaps, total return swaps, currency swaps and inflation swaps, among others.” He also said additional developments planned in the next 18 months include enhanced derivatives reporting, transaction processing, and risk and collateral management.

Mellon’s Asset Servicing group is comprised of Eagle Investment Systems, DPM Mellon, Mellon Analytical Solutions, and its joint venture partnerships – ABN AMRO Mellon and CIBC Mellon.

More information can be found at www.mellon.com.

Products January 10, 2007

CIGNA Offers HSAs to Small Businesses

CIGNA HealthCare announced it is offering the availability of health savings accounts (HSAs) through JPMorgan Chase to employers with fewer than 50 employees.

Reported by

Rebecca Moore

According to the announcement, the offering combines an HSA with a high-deductible health plan and financial management features, such as a debit card and checkbook from JPMorgan Chase. Members will be able to access their accounts with JPMorgan Chase through a link available on CIGNA’s personal Web portal at mycigna.com.

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Members will have access to service teams at both JPMorgan Chase and CIGNA HealthCare, and to CIGNA’s consumer decision support tools that help consumers make informed decisions about their health care, track account balances online and, plan for future health care needs.

Members also will be able to use CIGNA’s medical management programs, providing members access to clinical resources for managing chronic conditions and accessing preventive care, the announcement said.

The expanded offering is now available to HSA-qualified plans that took effect on or after January 1, 2007 in Arizona, North Carolina, and South Carolina. The offering will be available to employers in Connecticut, California, New Hampshire, New Jersey, and New York during the first quarter of 2007.

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