Paris-based GL Trade has signed Austrian banking group Raiffeisen Zentralbank Österreich (RZB) to its Fermat risk management product suite.
RZB will use the Fermat package as the basis of an integrated group-wide enterprise credit and market risk management system.
Commenting on the bank's selection, Gebhard Kawalirek, head of risk management at RZB, says: "A key element within our decision making was the integrated global risk platform of Fermat's risk management suite covering the Basel II, Credit Risk, ALM, VAR and IAS aspects."
Patrice de Berranger, head of the normative risk business line at GL TRADE, says: "The capability of Fermat Suite to handle Basel II credit risk and market risk measurements and controls within the same data environment will be a strong advantage and a value solution for RZB."
GL Trade acquired the Fermat product suite when it bought out Ubitrade Group, a Paris-based provider of derivatives trading and back office technology, in December last year.