FINANCIAL MODELLING:

INDUSTRY-SPECIFIC APPLICATIONS, CASE STUDIES AND NEWS

WELCOME
Thank you to those of you who completed the
FMU Reader Survey circulated at the end of
April. The feedback is very useful in gauging
the effectiveness of FMU and to help us
plan future issues. In particular we were
interested to see that you gave top score
to articles covering more advanced tutorial
topics. Not wanting to disappoint you we
include an in-depth look at the Microsoft
C++ debugger in this issue.
The rest of FMU provides a varied mixture of
articles. We kick-off with two short articles
covering variable annuity modelling, firstly
a reminder of the VA hedge and hedge
effectiveness applications available in
MoSes, followed by a case study from AXA on
their use of MoSes to support their overnight
hedging calculations. We then move on to
Japan and the growing use of MoSes in that
marketplace over the past 8 years.
With QIS4 (the latest Solvency II
consultation round) drawing to an end
during June and the new MCEV Principles
published by the CFO Forum on 4 June,
there is much work to do in both capital
and value management. To help you find
your way through some of these and other
recent announcements, we have included
an article summarising some of the most
relevant articles available on the Towers
Perrin website.
A brief summary of the recent Nordic User
Forum and the usual Q&A and Back Page
finish off this issue of FMU.
IN THIS ISSUE
Variable annuity models in MoSes 1
AXA Life European Hedging Services (ALEHS) case study 2
MoSes in Japan: Eight years of growth 3
Tutorial: the C++ debugger in-depth 5
Recent articles from the Towers Perrin website 7
Highlights from the Nordic User Forum 7
User Q&As 8
The Back Page 9
Issue 9 July 2008
FINANCIAL MODELLING
EUROPE/ASIA-PACIFIC EDITION
VARIABLE ANNUITY MODELS IN
MOSES
Interest in variable annuities is continuing
to grow rapidly across Europe and Asia-
Pacific. In essence, they can be thought of
as unit-linked products with built-in options
and guarantees. However, options and
guarantees are rarely mentioned these days
without their consequence risk.
Regulation is driving ever more sophis-
ticated risk management and variable
annuities are a classic case of where one
major source of risk that due to investment
returns can be mitigated. Over the last five
years, increasing numbers of companies
have put in place dynamic hedge solutions to
control their exposure. Typically, a number
of the Greeks are considered in the hedge
delta, gamma, rho and vega being the most
common depending on the complexity
of the products being hedged and the risk
appetite of the individual company.
Building on our experience in the mature US
variable annuity market, we have developed
a MoSes-based model to assist companies
in accurately and consistently hedging their
liabilities. The Variable Annuity Hedging
Application (VAHA) benefits from the
usual MoSes features of flexibility and
transparency; it is straightforward to add
new products and all code is available for
inspection and modification. It has also
received a significant architecture redesign
to optimise the run speed in order for it to
be used as an operational tool capable of
returning overnight results.
Finally, when combined with the MoSes
ESG (see Launch of MoSes ESG V3.0,
FMU Europe/Asia-Pacific Edition, August
2007), an industrial strength end-to-end
process can be implemented whereby
overnight runs can lead to next-day trading.
Towers Perrin has recently worked with
AXA Life Europe Hedging Services
(ALEHS) to help them set up just such
a process in their global hedging centre.
We are pleased to be able to include some
details of this project in our case study this
month on page 2.
Issue 9 July 2008 I 2 Financial Modelling Update
Europe/Asia Pacific Edition
2008 Towers Perrin
The VAHA model is not restricted to daily
hedging operations it can quickly be
adapted to use the built-in MoSes goal-
seeking functionality to help price variable
annuity products. Towers Perrin has also
developed an asset-liability extension
of the model called the VA Hedge
Effectiveness application (VAHE) to
allow the exploration of the effectiveness
of a given hedge, taking into account the
performance of the assets held as well as
the liabilities. This application enables
clients to perform what-if analysis,
allowing them to subject their block of
business to a wide variety of hedging
strategies. This capability provides insight
into the impact various hedging strategies
have on the product risk profile.
A number of clients across Europe
and Asia-Pacific are actively using the
VAHA and VAHE models and Towers
Perrin are acting as advisors to many
other clients regarding various aspects
of the VA offering, from product
design and regulatory issues to practical
implementation of hedging solutions.
The VA Hedge Effectiveness Application provides insight into the impact various
hedging strategies have on the product risk profile
ALEHS high level diagram of the overnight run process
For more information about the VAHA, VAHE, or Towers Perrins offerings in the variable
annuity area, please contact:
Stephen Hainsworth (London) stephen.hainsworth@towersperrin.com +44 20 7170 2660
Gillian Foroughi (London) gillian.foroughi@towersperrin.com +44 20 7170 2430
Tigran Kalberer (Zurich) tigran.kalberer@towersperrin.com +41 44 218 1234
Tivon Jacobson (Tokyo) tivon.jacobson@towersperrin.com +81 3 3581 6439
James Creedon (Hong Kong) james.creedon@towersperrin.com +852 2593 4519
AXA LIFE EUROPEAN HEDGING
SERVICES (ALEHS) CASE STUDY
Faced with an increasing portfolio of
variable annuity products in Europe and
Asia/Pacic, AXA made the decision to
build an internal service company, AXA
Life European Hedging Services (ALEHS),
to provide top-class hedging services to
all of their divisions. These services range
from product development/modelling to
hedging operations.
They chose MoSes as their implementation
platformand specied an end-to-end
process that they wished to be able to run
every night. At the centre of this sits a
customised MoSes model with two elements
the MoSes ESG and the VAHA model.
The ESG is the economic scenario
generator which interfaces to a
Bloomberg terminal to pull in the required
live market data. This produces a number
of risk-neutral scenario les for use in the
hedge projection runs.
Liability data, in the form of model
points, is drawn from the various
subsidiaries, whilst the product
assumptions are input within the User-
Dened Interface provided with the
VAHA model.
To calculate the up-to-date Greeks
for the liability portfolio, a number
of sensitivities around the base value
are required. The AXA VAHA model
includes batch capabilities to enable
several hundred projections to be run,
allowing accurate calculation of the
Greeks on a nightly basis.
These are then summarised in a back-end
spreadsheet ready to be handed over to the
traders. The system is fully automated and
designed to allow the calculations to be
distributed over a blade-enabled worker
farm; built-in scheduling tasks ensure that
each element starts at the right time and
an e-mailer application noties the user
that milestones in the calculation have
been reached.
MOSES IN JAPAN: EIGHT YEARS OF
GROWTH
Mt. Fuji is a fitting backdrop to the modern
skyline of Tokyo evincing a need for
vigilance by Japanese insurance companies.
Japan today is experiencing rumblings in
its life markets in response to the demand
for new retirement products, new bank and
other distribution systems, and a growing
presence of foreign competitors. This
article describes some of these trends and
explains how our increasing client base in
Japan is using MoSes to answer some of the
questions this change brings.
One-sixth of the total world life insurance
premium income flows into the Japanese
insurance market. The second-largest
insurance market in the world, it is home
to Japan Post Insurance, the worlds largest
life insurer (measured by assets under
management), along with 40 private-sector
domestic life insurers (16 of which are
wholly foreign-owned), and a significant
presence of cooperative life insurers
(kyosai).
The property-casualty market consists
of 51 insurers, but is highly concentrated:
according to Japanese industry statistics,
more than 85% of premium is underwritten
by six insurers. Japan non-life premium
2008 Towers Perrin
Issue 9 July 2008 I 3 Financial Modelling Update
Europe/Asia Pacific Edition
income for 2006 was 6.5% of the worlds
total, making it the fourth-largest national
market (source for life and property-
casualty statistics: Swiss Re).
In this environment, the number of MoSes
users in Japan has grown steadily since
the first license in Japan in 2000, reaching
over 30 insurers with nearly 100 licenses
by mid-2008 (see Figure 1). Of these
companies, approximately 60% are life
insurers and 40% property-casualty insurers.
MoSes is used by three of the six largest life
insurers and five of the six largest property-
casualty insurers in Japan.
80
60
100
120
40
20
0 2000 2002 2001 2003 2004 2005 2006 2007 2008
Growth of Japan MoSes clients and licenses to mid-2008
FIGURE 1
Clients Licenses
MoSes Implementations in a Changing
Industry
The growing number of MoSes users and
licenses reflects a trend toward increasingly
sophisticated and comprehensive actuarial
and financial modelling in Japan. Some
of this trend may be attributed to the
opportunities that come with faster
computers and developments in software
including MoSes itself but these are not
the only factors at work.
MoSes is used by three of the six largest life insurers and five of the six largest
property-casualty insurers in Japan
Life insurance markets in China and India are developing quickly in parallel.
Its tough for new entrants, but market conditions favour continued rapid expansion.
Read more about these fast-moving economies in the latest issue of Emphasis,
available from the Towers Perrin website www.towersperrin.com
CHINA AND INDIA: BECOMING GIANTS IN LIFE
2008 Towers Perrin
Issue 9 July 2008 I 4 Financial Modelling Update
Europe/Asia Pacific Edition
The Japanese market, despite its long
history and maturity, continues to evolve.
1
A selection of notable trends includes
(see Emphasis 2008/01, Changing Life
Insurance in Japan):
Shifting demographics . Japan is
becoming one of the most aged societies
in the world, with the overall size of the
population currently in decline as a result of
low birth rates.
Variable annuity (VA) business . In the
last 10 years, VA funds under management
have grown from zero to more than $150
billion. Roughly twenty life insurers
currently offer VA products, including a
number of new entrants to the market over
the last 12 months.
Medical expense coverage . The
third-sector market
2
has become a major
segment of the insurance industry as
consumers seek benets for hospitalization
or medical events that fall outside of or in
excess of the coverage of the national health
insurance system.
Distribution channels . The traditional
method of distribution has been through
tied sales agents, making visits to the
home or workplace. The number of these
agents is now in decline, while bank
distribution has grown in signicance
through the gradual deregulation of the
bank channel since 2002. Since December
2007, banks have been permitted to sell
all life insurance products. There is also
growing interest in direct distribution,
including internet distribution.
Growing use of market-consistent
reporting measures, including MCEV
and EEV. Listed insurer T&D Holdings
restated its traditional embedded value to a
market-consistent basis in 2007.
Privatization . Japan Post Insurance,
the worlds largest life insurer, is currently
government-owned. It will be progressively
sold to the private sector beginning with an
initial public offering in 2010.
Cash-ow testing for property-
casualty insurers. The Japanese property-
casualty industry is nearly unique for
its products with long-term savings and
medical benet features, including third-
sector insurance. New regulation in 2008
requires property-casualty insurers to carry
out cash-ow testing for their business.
Many of these factors have created a need
for new and more sophisticated financial
modelling. As you might expect, the use
of MoSes in Japan is a reflection of these
industry trends:
VA design, pricing and valuation .
MoSes is used by a number of companies
in the development and management of
variable annuity products. For this purpose,
MoSes projections are often run using
stochastic risk-neutral scenarios. Stochastic
calculations for the guarantee reserves for
these products have also been implemented
in MoSes.
Third sector modelling . MoSes is in
use by both life and non-life insurers to
model medical products. The exibility
MoSes affords in adjusting to new product
structures is one reason for its adoption.
Market-consistent reporting . MoSes
is regularly used as a nancial modelling
tool in market-consistent valuations.
Reasons include its strengths in stochastic
calculation and its ability to model a wide
array of products and benet structures.
ALM/DFA projects . MoSes ALM and
DFA models are in use or development
by an increasing number of life insurers
and property-casualty insurers in Japan in
support of their risk management activities.
Support for MoSes Users in Japan
Towers Perrin actively supports MoSes
users in Japan, through its office in Tokyo
and our software group office in Sydney.
Consultants are available to help with all
aspects of MoSes software use: design
and planning of models, analysis of
outputs, code development and product
implementation.
MoSes user groups have been run in Japan
on a regular basis over recent years. We will
provide a write-up of some of the highlights
from the recent user group in Tokyo in the
next issue of FMU.
For further information on any aspects
of this article, please contact Tivon
Jacobson in our Tokyo office
(tivon.jacobson@towersperrin.com).
1
Forms of risk-sharing have been practiced in Japan since
ancient times: an example is gisou, collective storage of
grain against localized catastrophe. Modern insurance
companies have operated since the second half of the
19th century.
2
The term third-sector is used in Japan to distinguish
this insurance from the pure life and pure property-
casualty sectors. In Japan, both life and PC insurers are
permitted to underwrite third-sector products.
Towers Perrin actively supports MoSes users in Japan through its office in Tokyo
and our software group office in Sydney
TUTORIAL: THE C++ DEBUGGER
IN-DEPTH
In this article we provide a guide to using the
Microsoft C++debugger, in conjunction with
MoSes. We provided a basic introduction to
the debugger in FMU issue 6 (see Improved
Debugging Features in MoSes Version
6, FMU Europe/Asia-Pacific Edition,
November 2007), along with other features
of MoSes that support model testing and
debugging. In this article we aimto go deeper
into the use of the debugger to help you get up
and running with this useful utility.
Running the debugger
The Microsoft C++debugger is a stand-alone
application that works with the Microsoft
C++compiler. Before using the debugger
you must have run a MoSes projection task.
The debugger will then run the model using
these task settings, so make sure any unwanted
task settings such as master/worker mode are
switched off.
To start using the debugger, click on the C++
Code menu in MoSes and select Application
Debugger. If you wish to return to the MoSes
interface, for example to view the properties
of a column or variable, you must close the
command line window which opened when
2008 Towers Perrin
Issue 9 July 2008 I 5 Financial Modelling Update
Europe/Asia Pacific Edition
Viewing values
The debugger allows you to stop the run at certain
points and inspect values, as we will discuss later
in the article. This can be helpful to find errors
and also when tracing the calculation flow and
checking that calculations are being performed
correctly. But before debugging the model you
need to be able to view the values of the main
MoSes objects.
MoSes keeps track of columns, variable and
other objects in special structures and classes.

However, this means that these standard MoSes
objects are not all easily interpreted by the basic
debugger settings. We have therefore provided
instructions and examples below to show you
how to view the most common MoSes objects in
debugger.
Viewing MoSes and local variable
values
To view variable values, hover the mouse over the
variable to see its value(s). For local variables
their value will be shown directly. For MoSes
variables expand the tree to locator_...attribute_.
See Figure 3.
FIGURE 3 Viewing a variable
Viewing MoSes scalar values
As per variables, hover the mouse over and
expand the tree to locator_...attribute_...value_.
See Figure 4. You can also check if the scalar
has been calculated (locator_...attribute_...
calculated_)
FIGURE 4 Viewing a scalar
Viewing MoSes column and
temporary table values
Columns and temporary table values can only be
seen in the Watch or Quick Watch windows. Dou-
ble-click the name of a column in the code panel
to select a column. Then right click Add Watch /
Quick Watch. The item being watched must then
be edited to add the product and purpose sepa-
rated by underscores, eg, ul_cashflow_surplus(t)
(or ul_cashflow_my_table_tt(row_param,col_
param). See Figure 5.
FIGURE 5 Viewing a column


the debugger opened. Note that changes
made in the debugger will not be reflected in
the MoSes model, and any changes made in
MoSes whilst the debugger is open will not
be reflected in the debugger until the code has
been re-generated and compiled.
To run the model in debugger, press F5 or
the green triangle play button, circled in
Figure 2.
The image in Figure 2 shows the Debugger
window and highlights the various panels
available to view (note this is not the default
view as the panels have been arranged for
clarity, but all these panels are visible within
tabs). The individual panels are explained in
more detail later on.
FIGURE 2 Main debugger windows
The debugger is particularly useful for identifying the exact location of an error in
your model
Code panel
Breakpoints Local variables Watches Call stack
Run button
Debugging your model
The debugger is particularly useful for iden-
tifying the exact location of an error in your
model. If you cannot find the problematic piece
of code fromwithin MoSes, open the debugger
and run without any breakpoints. The debugger
will automatically stop at the problematic line of
code, showing a box which displays the type of
error (see Figure 6). Clicking on Break moves
the cursor to the line of code with the problem,
with the yellow arrow in the margin of the code
panel identifying the line (see Figure 7).
FIGURE 6 Error message
FIGURE 7 Code where error occurs
Breakpoints and conditional breakpoints
Once an error has been identified or if a known
block of code is of interest, breakpoints can be
used. The debugger will pause in calculation
whenever it hits a breakpoint allowing you to
inspect the code and the value of variables and
formulas.
To add a breakpoint, find the code you are
interested in and click in the margin next to the
code. This will add a breakpoint (marked as a
red dot).
Breakpoints can be conditional, for example
only stopping at time t==23. This technique is
essential in practice providing a much faster
way to get to the actual breakpoint you wish to
stop at instead of stopping at value for t=0 to
22 in this example. Conditions can be added
by right-clicking the red dot and selecting Add
Condition, and using simple code, for example:
t ==23.
Breakpoints can be managed fromthe
Breakpoints panel to save you searching back
through the code to find a specific breakpoint.
If the cursor is currently at a breakpoint in the
code the Breakpoint panel will highlight that
breakpoint so you know which one you are on.
Fromthe panel you can Add/alter breakpoint
conditions, enable or disable breakpoints and
delete breakpoints.
Stepping through code
It is extremely useful to be able to step through
a calculation line-by-line to understand why
code is not performing as expected or to
locate the source of an error. Using debugger
saves waiting for the application to Generate
& Compile, which is required when using
log_strmor log_screen commands to output
intermediate results to the run log. The main
limitation of the debugger is that you can
only step through your own code. You do not
have access to the underlying MoSes core
functionality that helps piece together the
MoSes formulas.
The following shortcuts can be used to step
through your code (they are also found on the
Debug menu):
F5 Run/Continue Starts a run and
continues until the end, or an error or
breakpoint are hit
F10 Step Over Steps through code in the
current formula line-by-line
F11 Step Into Steps into the formulas
called fromthe current line of code
Call Stack and tracing the order of
calculation
The Call Stack panel (See Figure 8) displays the
function calls made by MoSes. This is useful
to trace through the order of calculation or to
find which column or time period called the
current piece of code. You can double-click on
any function call in the Call Stack to take you
directly to the piece of code in the code panel.
Figure 8 shows the Call Stack currently in the
external function validate_data, and shows
that it was called by the startup column in ul/
cashflow at time period t=0.
2008 Towers Perrin
Issue 9 July 2008 I 6 Financial Modelling Update
Europe/Asia Pacific Edition
FIGURE 8 Call stack
Watch panels and watching attributes
Hovering over variables to see their value can be
time-consuming if you want to see the value of
several variables. To keep the value of a variable
visible you can use the Watch panel (see Figure
9). To add a watch on a variable or scalar double-
click the itemname to select it, then right-click
and select Add Watch.
FIGURE 9 Watch panel
This adds the variable (unexpanded) to the Watch
List. In the Watch panel you can expand the
tree to the Attribute property, then right-click
the Attribute property and select Add Watch.
This adds a watch to the Attribute. In Figure 9,
age_issue has a Watch, and below that is a Watch
on the attribute, so the actual value will always
remain visible to the user.
You can watch columns and temporary tables in
a similar manner, remembering to add product_
purpose in front of the column name and a time
period (eg, fund_alm_solvency_ratio(t)). This
should be done with caution as the debugger will
attempt to re-evaluate the column to update the
Watch panel whenever the run is paused which
can lead to an altered order of calculation and
incorrect responses fromMoSes.
For further information
Further information on acquiring and installing
the debugger can be found on your MoSes V6
install CD under Microsoft Debugger Installation
Instructions.pdf. This document can also be
requested fromyour Regional Support Centre.
We have also provided answers to some common
questions on using the debugger in this months
Q&A section.
It is extremely useful to be able to step through a calculation line-by-line to understand
why code is not performing as expected or to locate the source of an error
RECENT ARTICLES FROM THE
TOWERS PERRIN WEBSITE
It has been a busy first half of 2008 in
Towers Perrin, with many new Updates,
articles and other publications now
available on the Towers Perrin website
(www.towersperrin.com).
Below, we have provided a brief summary
2008 Towers Perrin
Issue 9 July 2008 I 7 Financial Modelling Update
Europe/Asia Pacific Edition
Economic Capital and Solvency II
Market-Consistent Embedded Value (MCEV) Reporting
of just some recent articles closely related to
Financial Modelling.
To locate any of the articles listed below,
navigate to the Towers Perrin website and
select Risk & Financial Services / Tillinghast
Insurance Consulting. Fromthe Tillinghast page
you can then go to the area Our Latest Thinking
See More for the archive of past articles.
HIGHLIGHTS FROM THE NORDIC
USER FORUM
We were very pleased to host a user
forum for Nordic clients on 27 May at
the Clarion Sign Hotel in Stockholm.
The forum attracted around 25 attendees,
representing 11 different insurance
companies from the region.
A variety of sessions were presented
covering the following topics:
ALM A roadmap from
deterministic to stochastic models: The
session highlighted some of the steps
and challenges in moving from liability
modelling to an integrated stochastic ALM
model.
Automation and integration: The
session presented a case study for
automating a MoSes reserving model.
Hedging nancial risk: The
increasingly popular use of replicating
portfolios for the purpose of hedging
and communication of nancial risk was
presented.
Financial modelling The human
dimension: This presentation used a real
example where a control mechanism,
based on fuzzy logic, was applied to
model the management of buffer funds for
a traditional life insurance company.
MoSes High Performance Computing
(HPC): The new HPC functionality
in MoSes for increased speed and
performance, was discussed.
The forum gave clients a valuable
opportunity to discuss their needs and to
help us better understand their thoughts
and priorities for MoSes in the future. If
you would like further information on the
event, please contact Per Lindberg at
per.lindberg@towersperrin.com.
Operational Risk
May 2008: Examining Economic Capital to Quantify Insurers Risk
within an ERM Framework
Commissioned by the Society of Actuaries, Towers Perrin researched
EC methods and implementation issues. The report describes
common methods for calculating EC, as well as the issues
regarding practical application and implementation of EC.
May 2008: Solvency II: Final QIS 4 Specification
Towers Perrin describes the significance of the latest changes to
the December 2007 draft specifications of QIS4 on Solvency II.
June 2008: 2007 European Embedded Values (EEV)
Stable Accounting in Volatile Markets
Our in-depth analysis reveals a trend towards a market-
consistent methodology and advantages of the direct market
approach plus EV trends in and outside Europe.
June 2008: CFO Forum Adopts MCEV
With MCEV Principles replacing EEV mandated for CFO Forum
members, Towers Perrin summarizes the 17 principles and
addresses issues of convergence and inconsistency for embedded
value reporting.
April 2008: Untangling Operational Risk: Creating Order Out of
Chaos
The complexity of operational risk can be intimidating. Operational
risk management involves preventing, controlling and managing
risk, none of which is possible without support from the top down.
June 2008: Modern Operational Risk Management
The recent wave of extraordinary losses in financial services
suggests that its time for a new approach to managing risk,
particularly operational risk.
The Nordic User Forum gave clients a valuable opportunity to discuss their needs
and to help us better understand their thoughts and priorities for MoSes in the future
Issue 9 July 2008 I 8 Financial Modelling Update
Europe/Asia Pacific Edition
Common questions on the debugger
Q)
I have multiple clones and arrayed submodels. How can I tell which
model instance the debugger is currently showing?
A)
Add modelName, a MoSes system variable, to the watch window to show
which model instance is currently being viewed.
Q)
My model has failed on the hundredth model point. How can I avoid
stepping through every single time period and every single model point to
make it easier to use debugger?
A)
When debugging you want to avoid having to skip through many
calculations. Reduce the number of policies and time periods being run to
those you are interested in. You can also use conditional breakpoints, as
discussed in the debugger article in this issue of FMU.
Q)
I get an error in MoSes when running my model, but when I run it through
the debugger it does not stop at any errors. What is going wrong?
A)
In debugger, on the Debug menu there is an Exceptions option which
opens a dialogue box to allow the user to decide which errors are handled by
debugger (if not handled by debugger Windows will handle them as it sees
t, which may not include showing error messages). With the trees collapsed
(so only the 5 bold items are shown) the best default option is to ensure
the last item in the list is checked (Win32 Exceptions) so errors in 32-bit
Windows applications (ie, MoSes32.exe) will be handled by the debugger
(see screenshot below).
Q)
How can I quickly nd the formula for a column in the Code Panel?
A)
The formula for a column is prefaced by some help text. By searching
for the column name prexed with a :, you will be taken to the appropriate
help text just before the column formula.
Recent Q&A from the Helpdesk
Q)
My MoSes task completes with a green runlog but at the end of the run
I receive an error: The instruction at 0x7c838bdb references memory at
0x00000000.
A)
One very common cause of this type of error occurs when an externs
variable is declared more than once. Check that the variables declared in the
start_externs/end_externs sections of your submodels are declared in only
one submodel and that they are declared in all other submodels that need
them with the extern keyword preceding them. So, for example, you might
declare an integer in the top model startup column as follows:
START_EXTERNS
int rst_loop;
END_EXTERNS
In other models that need to access the variable rst_loop, the declaration in
startup should be as follows:
START_EXTERNS
extern int rst_loop;
END_EXTERNS
Some of you may use the External DLL Settings utility. If so, the same rules
apply here as though the code was being entered directly into the startup
column.
Q)
How do I ensure my HASP key is up to date?
A)
Your HASP key contains a maintenance expiry date, which it is important
to update after your licence renewal anniversary. This permits you to use
your MoSes licence with new releases of MoSes (for example V6.1 or V6.2).
To update your HASP key on-line, make sure the key is connected to your
PC or laptop and follow the on-screen prompts at http://www.cs.com.au/
haspupdate. If you have any problems with this update process, please
contact your Regional Helpdesk.
Q)
I have created a User Dened Worksheet for my output, how do I view my
results by Group and Iteration?
A)
To do this you need to switch to Edit Workbook Layout Mode, add a
Group Selector to your Worksheet and then link this Selector to the Column
Object that you wish to view by Group and/or Iteration. Further informa-
tion and full steps on how to do this can be found in the MoSes Help les
under User Dened Views, Worksheet Objects and Selectors. Chapter 10 of
the MoSes Interface Guide also gives a detailed example of how to use this
functionality.
Q&A
2008 Towers Perrin
MoSes Version 6.2 and MoSes HPC are
now available
As mentioned in the last issue of FMU,
MoSes Version 6.2 is now available on
request from your Regional Support Centre.
MoSes HPC, which is a new product
that incorporates support for Microsofts
HPC compute cluster platform and 64-bit
computing, is also available for purchase.
We are already discussing the features
and benefits of HPC with several clients.
To find out more about MoSes HPC please
contact David Tonner (david.tonner@
towersperrin.com) in Europe or Lynda
McCarthy (lynda.mccarthy@towersperrin.
com) in Asia-Pacific.
Asia-Pacific MoSes User Group
Conferences (8th and 10th July)
Thank you to all of those who attended the
recent APAC user group meetings in Seoul
and Tokyo. It was good to see some familiar
faces and many new clients too. If you
would like more information about any of
our sessions, please contact support_apac@
towersperrin.com. We will be providing an
article about the user groups in the next issue
of FMU.
2008 Towers Perrin
2008 European User Group
We are delighted to announce that the 2008
MoSes European User Group will take place
on 24 and 25 November 2008 in our London
office. There will also be a special themed
event on the first evening at an outstanding
London venue. We very much look forward
to welcoming you to the conference where
you can expect a series of interesting and
thought-provoking sessions. The full details
of the programme and registration details will
be sent out shortly. Please contact Joanna
Wheatley at joanna.wheatley@towersperrin.
com (+44 207 170 2375).
Training course dates
Below is a list of training courses scheduled
in our London office in September and
December. These include the new Foundation
and Intermediate Developer courses. Please
contact Merryl John at merryl.john@
towersperrin.com (+44 20 7170 2537) to
register your interest or request further details.
FINANCIAL MODELLING UPDATE EUROPE/ASIA-PACIFIC EDITION CONTACT LIST
Regional Support Centres
Europe, Middle East and Africa
Tel: +44 207 170 3000 Email: support_eu@towersperrin.com
Asia Pacific
Tel: +61 2 8198 9008 Email: support_apac@towersperrin.com
FMU Europe/Asia-Pacific Editor
Tim Thornham Email: tim.thornham@towersperrin.com
Asia-Pacific contacts
Australia/New Zealand
Lynda McCarthy Email: lynda.mccarthy@towersperrin.com
Japan
Tivon Jacobson Email: tivon.jacobson@towersperrin.com
Other Asian countries
Marco Warmelink Email: marco.warmelink@towersperrin.com
European/EMEA contacts
France
Nicolas Thevenet Email: nicolas.thevenet@towersperrin.com
Germany/Austria/Switzerland
Christian Naecker Email: christian.naecker@towersperrin.com
Italy
Simona Parise Email: simona.parise@towersperrin.com
Netherlands/Belgium
Frank den Bieman Email: frank.den.bieman@towersperrin.com
Nordic region
Per Lindberg Email: per.lindberg@towersperrin.com
Spain/Portugal
Juan Ipina Email: juan.ipina@towersperrin.com
UK, Middle East and South Africa
Joel Fox Email: joel.fox@towersperrin.com
The Back Page
News from the world of financial modelling
New FMU Editor
This issue will be my last as editor of FMU
as I move on to a new challenge outside
Towers Perrin. I am pleased to be handing
over to Joel Fox, who will be well known to
many of you.
I have enjoyed 10 years with both Classic
Solutions and Towers Perrin combined
and made many friends along the way. I
hope to keep in touch with those of you
that Ive worked with these past years.
Tim Thornham, FMU Editor
Course Q3 dates Q4 dates
Users 28/29 August 1/2 December
Developer
Foundation 1-2 September 4-5 December
Developer
Intermediate 4-5 September 11-12 December
ABOUT TOWERS PERRIN
Towers Perrin is a global professional services
rm that helps organisations improve
performance through effective people,
risk and nancial management. The rm
provides innovative solutions in the areas
of human capital strategy, programme
design and management, and in the areas
of risk and capital management, insurance
and reinsurance intermediary services and
actuarial consulting.
Towers Perrin has ofces and alliance
partners in the worlds major markets. More
information about Towers Perrin is available
at www.towersperrin.com