Toronto-based Algorithmics has formed an alliance with Cicada Corporation and Investors Guaranty of Zurich to develop a suite of reference data and managed risk solutions for compliance with the Basel II initiative and other regulations.
The packaged service will combine Algorithmics'risk analytics technology with Cicada's data cleansing solutions and outsourcing services. Investors Guaranty's alliance companies will provide the initial capital for the venture, as well as various business services.
Algorithmics says the alliance will explore the integration, management and cleansing of licensed, proprietary and calculated Mark-to-Future data. Coverage could include all instrument types, corporate actions, pricing and valuations, corporate hierarchies and position information.
Ron Dembo, founder and CEO, Algorithmics, comments: "Our goal through this alliance is to revolutionise standards for data quality and delivery within the financial services industry, leveraging Cicada's experience in data cleansing and Investors Guaranty's business support to produce industry leading risk data services."
The managed service is expected to be available on an in-house or outsourced basis and is designed to be 'plug and play' with the Algo Suite of risk products.