Helaba selects Algo Collateral package

Helaba selects Algo Collateral package

Landesbank Hessen-Thuringen (Helaba) has selected Algo Collateral as the software platform to automate its collateral management requirements.

Helaba will use Algo Collateral to manage the operational risk associated with activities in OTC derivative and repo margining. Additionally, Helaba purchased Algo Collateral's reconciliation and "Four eyes" data entry modules that automatically resolve valuation discrepancies and provide heightened security around data changes.

The bank settled on the Algorithmics package following a six-month search and was swayed by neighbouring German reference sites, including Bayerische Landesbank, Hamburgische Landesbank, Hypovereinsbank, DZ Bank and Deutsche Bank.

Helaba will be only the second financial institution to take delivery of Algo Collateral's automated interface to the LeDIS legal database application, for creating the appropriate master and collateral agreement necessary for controlling margining processes. The LeDIS application is developed in-part by VoB-Service, a service provider for the German public financial institutions sector.

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