Q: Do dv01 and duration present the same level of software complexity? Note most bonds I deal with have embedded options.
I feel answer is no. dv01 is “simulated” with a small (25 bps?) bump to yield… Eff Duration involves complex OAS. See the Yield Book publication on Durations.
In AutoReo, eff duration is computed in a separate risk system — a batch system… No real time update.
By contrast, eq option (FX option probably similar) positions need to have their delta and other sensitivities updated more frequently.