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Absa Capital selects Algorithmics market risk technology

20 May 2009  |  3153 views  |  0 Source: Algorithmics

Algorithmics today announced that Absa Bank Limited, a leading South African bank affiliated with Barclays Capital, has licensed Algorithmics' market risk solution for use by its investment bank, Absa Capital.

Absa Capital, already an Algorithmics' customer, will use advanced components in Algo Market Analytics as its enterprise-wide market risk solution.

Algo Market Analytics will build onto Absa Capital's existing risk system and provide an end-to-end market risk solution that provides intuitive risk information to a broad user base. It will be fully integrated into Absa Capital's existing infrastructure and will align with Barclays Capital technology standards and the Group risk management requirements.

"We are delighted that Absa has signed this important contract with Algorithmics. In today's complex and volatile markets, where pro-active enterprise risk management creates a decisive competitive advantage, access to the best market analytics is a pre-condition for effective innovation and risk aware, profitable growth," commented Dr Michael Zerbs, President and COO at Algorithmics.

Dr Andrew Aziz, Algorithmics' Executive Vice President of Risk Solutions, said: "We are working together closely on the design of Absa Capital's market risk solution and look forward to completing the first phase of the project. With Algo Market Analytics, we believe that Absa is gaining a competitive edge in managing market risk."

Algo Market Analytics supports market risk capital measurement, management and mark-to-market, enabling calculation of minimum capital under standardized and internal model approaches. By enabling a firm to capture a fully integrated view of risk, Algo Market Analytics helps financial institutions eliminate the costs and inconsistencies that result from accommodating multiple systems and competing standards across the enterprise.

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