Asset Control, a provider of Centralised Data Management (CDM) applications to the financial industry, says that Lloyds TSB Corporate Markets has selected its flagship product AC Plus.
Implemented as part of a phased project, Asset Control’s modular software will help the bank, the fifth largest in the UK, with its plans to expand its product offering to clients. AC Plus will be used to support the expanded daily trading activity, manage risk and meet regulatory requirements within the Financial Markets division of Lloyds TSB Corporate Markets.
“We have moved well beyond the vanilla products to create more bespoke, and naturally more complex, solutions for our customers in the areas of foreign exchange, interest rate and credit trading and are rapidly expanding our debt capital markets capacity,” says David Wright, the deputy head of Financial Markets Middle Office at Asset Control. “Asset Control provides the cleansed and consolidated pricing data that we need to support a wider range of products. It gives us scalability, so that as the business creates more complex products, it is relatively easy for us to provide traders and risk managers with the data that they need. It also enables us to make the risk management process more efficient.”
The Asset Control application replaces custom-built, spreadsheet-based applications run by the Middle Office team. Initially, it is being used to handle the end-of-day pricing process, delivering prices to the trading engine and supplying data to the market and credit risk functions. AC Plus manages interest rate curves, foreign exchange spot and forward points, and interest rate/foreign exchange option volatilities; it supports real-time and static data from leading data vendors and niche firms. In later stages of the project, the Asset Control technology may be used to consolidate and manage the wide range of reference data necessary to support the bank’s debt capital markets expansion. Lloyds TSB expects to complete the project next year.