Algorithmics, the leading provider of risk solutions, today announced that City Index, a global leader in spread betting, contracts for difference (CFDs) and margined foreign exchange, has gone live with Algorithmics' Algo Risk Service for intra-day risk exposure tracking.
City Index is a leading provider of contracts for difference (CFD), forex and, in the UK, spread betting. As Algorithmics' first client in the retail trading sector, City Index will use Algo Risk Service, a hosted risk management, portfolio analytics and decision support tool, to provide a holistic view of risk across the thousands of individual markets in which both City Index and its clients are active.
David Offen, Global Head of Risk, City Index, commented: "We were looking for a risk management system that would provide us with a range of risk and portfolio management capabilities that could be tailored to meet our specific requirements. Algorithmics' Algo Risk Service, more than meets these requirements."
Dr Andrew Aziz, Executive Vice President of Buy-Side Risk Solutions at Algorithmics, said: "We look forward to providing risk analytics, reporting and portfolio construction for City Index, our first client in the retail trading sector. This market is becoming increasingly sophisticated and City Index is the first to leverage Algorithmics' risk analytics capability to help manage its internal capital and counterparty exposure."