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11/10/2010: Fairmat Academic 1.0  RC 3 released

17/09/2010: Fairmat Academic 1.0 release candidate released

This version is the last step towards our first official release and  contains a lot of improvements with respect to the beta 2 version.

New features:

• Integrated model calibration: Fairmat has a wizard which lets you calibrate stochastic models to market data.

• Per user plug-in settings:   Fairmat plug-ins now enable  user settings. All the settings are shown and can be easily modified in the Fairmat preferences window. 

• Dependencies detection: Fairmat models now include a list of the plug-ins needed to run the given model. If a plug-in-dependency is missing, Fairmat will prompt you to install the missing plug-in.

• Option dependent discounting: Now it is possible to specify a different discounting model for each option. In the standard option and option strip forms (it will be extended at the other options type) a new tab called “Discounting” appears containing a combo box called “Custom Discounting”. This allows the user to choose between two options:

• Inherit discounting structure from parent node or project: this enables Fairmat to do what it has always done: use the project defined discounting structure for the current option.

• Use custom discounting:  this allows a custom discounting structure to be defined for the option (and its subsequent options). 

•  New toolbar: The new toolbar contains a toolbox which enables quick access to frequently used operations such as scenario changes, valuation starting nodes, type of analysis and simulation date.

Changes and improvements:

• Improved Plug-ins system: The plug-in system has a lot of new features. Now plug-ins published in the Fairmat repository can be installed directly within the software (as well from the website).  This allows you to install  plug-in updates as soon as they are released. 
  
• Improved Autocomplete: while editing expressions, by pressing CTRL+SPACE, an auto complete box will appear displaying all the options you have to complete on the term of the expression you are typing. Then, you can continue to write (the list of completions will be updated) or you can choose the completion you want, selecting it by using the Up and Down arrows keys and pressing ENTER. If the item you have selected is a function (as opposed to a constant/variable) the list of the possible different signatures will appear on the right-hand side of the panel. Those signatures can be chosen with the Left and Right arrows. A link to the help system for the selected symbol is provided by clicking to the link 'more help'. This prompts Fairmat to search the help system for the actual selected symbol.

•  Options/Operators Option Map: Now every operator and option has two different description fields: name and description. In the description field any text can be inserted, whereas the 'name' field is now optional and is used for referencing a given option to another part of the option tree.

Smaller changes:

• On the process view list it is now possible to edit both asset sets and stochastic processes.

• Assets within asset sets can be reordered/moved.

• Descriptive statistics about the valuation are now contained in the valuation results. In previous versions this information was written in the log-window.

• In Project Settings, the 'Metrics' tabs is now called 'Simulation dates and metrics'. 

• GBM default values: GBM Control parameters now depend on the type of discount: if the discount is Risk free the Dividend Yield will be the (default) control parameter, otherwise Growth Rate and Risk Premium will be used.