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APeX Market Manager is the analytical toolkit of APeX. The user can define and build interest rate curves, volatility surfaces and factor structures, and diffuse forward curves according to user-specified models: HJM market model, BDT/BK, Hull-White/Ho-Lee.
Yield Curve - Define, build, and analyze interest-rate and basis curves. The user can choose the instrument types (cash, futures, swap rates, basis swaps, spread-locks), and curve-building methods (linear, log-linear, cubic/tension splines). All curve building routines handle Year-End Turns and can incorporate user-specified anticipated FOMC rate hikes. Once the curve is built, it can be analyzed by graphing and reading spot and forward rates, spreads and basis curves.
Volatility - Define and build volatility and skew curves/surfaces, with maximum flexibility in choosing instruments (futures options, mid-curves, caps/floors, swaptions), and calibration methodologies (Parametric, Optimization, Perturbation, Homogenous, Non-Homogenous).
Factors/Correlation Analysis- Define different factor structures, and analyze their impact on the correlation of rates. Factors can be defined parametrically, input directly by the user, imported from a spreadsheet, or derived by Principal Component Analysis from historical data.

Term Structure Models - Once the market (curve, volatility, factors) is defined, it can be diffused into the future using term structure models: HJM multi-factor simulation, BDT/BK and Hull-White/Ho-Lee lattice models.
Pricing Grids - The prices of standard instruments (Caps, Swaptions, CMS swaps, Bermudan cancelable swaps) can be computed using the grids on this panel.
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