Bloomberg and Algorithmics have forged an alliance to deliver pre-integrated trading and risk management solutions to Bloomberg Professional subscribers.
The agreement provides for Bloomberg's trade capture, order management and position keeping systems, integrated with Algorithmics' market risk management applications as part of a single platform. Subsequent offerings will provide credit risk, collateral risk and risk data solutions.
Tanys Lancaster, responsible for sales at Bloomberg says the integrated service will spare users the time and costs involved in integrating separate architectures, databases or technologies.
Algorithmics sees the alliance as strong validation of its ASP and channel strategy, enabling the firm to deliver risk technology and methodologies to financial institutions that have typically been unable to justify the expenditure.
"This initial offering is aimed at servicing buy-side and sell-side institutions that either want to outsource their trade and risk management to a single source, or, those with limited resources that typically would not undertake complex implementations of software packages," says Michael Zerbs, chief operating officer, Algorithmics.