London-based Lombard Risk Systems has launched FirmRisk Collateral, a Web-based collateral management application.
FirmRisk Collateral manages all major methodologies for supporting collateral management arrangements within the OTC derivatives markets, says the vendor.
The system covers standard industry documentation and can support any trades which might fall under an Isda Master, and accompanying credit support annex.
The package will be marketed alongside the vendor's Firmament product suite, creating a shared platform in which the collateral management process can be run in conjunction with netting, trading and risk reporting.
John Wisbey, chairman and group CEO, Lombard comments: "We designed the application so that it is easy to use and flexible, so that each user can define exactly what they need as quickly as possible".
Lombard adds that spending on collateral technology is expected to grow significantly in the next few years due to the increase in the number of firms trading OTC products on a collateralised basis.