Reval.com Inc. has launched Version 8.0 of HedgeRx, its Web-based derivatives hedging and risk management application. The latest upgrade features enhanced hedge accounting features and improvements to the FAS 157 module, originally introduced in October 2007. "The FAS 157 module is what we believe to be the most comprehensive in the industry as we have the ability to adjust the fair value of derivatives by the credit component depending on whether the derivative is a liability or an asset," says Reval CEO Jiro Okochi.

Version 8.0 also includes a new, fully integrated credit derivatives module that lets companies book single-name credit-default swaps that they have written as an alternative to investment in an issuer or purchased as means to protect a credit or index. "The CDS module is fully integrated into HedgeRx and will have all the controls and process that our interest rate, FX and commodity modules also employ," notes Okochi.

Upgrades to HedgeRx are delivered twice a year over the Internet using the software-as-a-service (SaaS) model, "so no one gets left behind in version upgrades," says Okochi. "This release was very important given the need around 157 and our credit-default swap module," Okochi explains.