REQUEST A DEMO CLIENT LOGIN PUBLICATIONS CAREERS CONTACT US ACCURACY ACCURATE PRICING MODELS DRIVE INSIGHTFUL DECISION-MAKING OPSCORE The Convertible Bond Pricing Solution Opscore is our complete front-office solution for the pricing, the hedging and the analysis of convertible securities. It consists of three components: a data model of terms and conditions, a pricing engine and an excel front-end. Learn more NEWS AND EVENTS Opscore Web Service Read more ITO 33 is Sponsor of Quant Insights conference - London, November 2017 Read more London, May 19, 2016 at the Royal Institution: ITO33/Kite Surf 1st VOLATILITY S... Read more VOLATILITY MANAGEMENT The Equity Derivatives Pricing Expert Pricing and hedging equity derivatives and volatility derivatives in a rigorous and consistent framework requires accounting for jumps, stochastic volatility and sometimes stochastic credit (for single names). The underlying price dynamics must be allowed to assume different Brownian volatility and hazard rate parameters. Learn more Main menu ABOUT US OUR PRODUCTS AND SERVICES OUR CLIENTS 36 rue Lacépède 75005 Paris FranceTel. +33 1 47 07 08 12info@ito33.com Copyright © 2021 ITO 33

REQUEST A DEMO CLIENT LOGIN PUBLICATIONS CAREERS CONTACT US ELIE AYACHE Co-Founder & CEO Elie is the initiator of ITO 33. He graduated from Ecole Polytechnique de Paris in 1987. Speaking of his 8 years of experience as a volatility trader, Elie says it was just "a shortcut" into options science. Banks in those days thought they needed top engineers to deal with options. Dealing options was another story, but Elie did not mind the ellipsis, as long as he came full circle, and finally became an engineer after long being an options trader. Elie's shortest cut was his first day on the floor: October 19, 1987, a day marked by a huge, unpredictable crash of the stock market that shook the global finance industry. From that first day, Elie learned that what happened then could happen any day. Yet that day was so exceptional that even if you were to replay it some other day, you would not get the same result. The same would hold for any other day. This completely ruled out the notion of "truth" in the markets as something you can think twice about, let alone try to reproduce, simulate or even represent by a model or algorithm. Traders need tools to help them speak everyday language, not a wizard to preach the truth to them once and for all. Besides a few other books and many articles, Elie published The Blank Swan at Wiley in 2010. elie@ito33.com Main menu ABOUT US OUR PRODUCTS AND SERVICES OUR CLIENTS ABOUT US MANAGEMENT TEAM ELIE AYACHE PHILIPPE HENROTTE SERGE KOUYOUMJIAN 36 rue Lacépède 75005 Paris FranceTel. +33 1 47 07 08 12info@ito33.com Copyright © 2021 ITO 33

REQUEST A DEMO CLIENT LOGIN PUBLICATIONS CAREERS CONTACT US ITO 33 IS SPONSOR OF VOLATILITY AND TAIL RISK INVESTING CONFERENCE - LONDON, APRIL 2017 ITO 33 is Sponsor of Volatility and Tail Risk Investing conference 6 April 2017, London Main menu ABOUT US OUR PRODUCTS AND SERVICES OUR CLIENTS 36 rue Lacépède 75005 Paris FranceTel. +33 1 47 07 08 12info@ito33.com Copyright © 2021 ITO 33