Sweden's Svenska Handelsbanken has implemented Algo Collateral from Algorithmics at its Stockholm headquarters to manage its OTC derivatives, repo and securities lending activities.
The bank will use the system to support its new collateral operation and to manage a planned increase in the number of collateral agreements.
Algorithmics says its Algo Collateral product cuts maintenance costs and increases efficiency by enabling firms to manage collateral operations across diverse business lines.
Michael Zerbs, CEO at Toronto-based Algorithmics, adds: "In implementing Algo Collateral, Handelsbanken has made a strategic business decision to consolidate collateral operations onto a single platform while ensuring that the operational risks associated with their margining activities are minimized."
Svenska Handelsbanken is Algorithmics' first Algo Collateral client in Sweden.