German bank Landesbank Baden-Württemberg (LBBW) is implementing Algorihmics' Algo Collateral product to manage its OTC derivatives margining processes.
The bank will also use Algo Collateral's interface to the LeDIS legal database application - a joint development between Toronto-based Algorithmics and German financial software and services provider VöB-Service - to manage appropriate master and collateral agreements and terms.
The software will be rolled out at the bank's headquarters in Stuttgart.
Andreas Beck, head, back office operations, LBBW, says: "Algo Collateral will allow us to expand trading on a collateralized basis and provide the operational structure to automate our procedures efficiently."
Toronto-based Algorithmics says the product is already used by eight other banks in Germany.