Algo Real-Time Credit Engine from Algorithmics has won the Risk Software Product of the Year Award 2009 for innovation in the fast-changing risk management and over-the-counter derivatives businesses.
Algo Real-Time Credit Engine is designed to provide a real-time view of the credit and settlement exposure of a bank’s counterparties using the gold standard of exposure measurement – full multi-step Monte Carlo accounting for portfolio diversification, netting, and collateral.
The application delivers scalable, real-time pre-deal checking, intraday reporting on the credit status of a counterparty, and real-time feeds to trading desks. This means that global institutions now have an opportunity to cost-effectively perform full risk simulations for their largest counterparties in minutes instead of hours and pre-deal, what-if profiles for vanilla and exotic derivatives at the transaction, portfolio and counterparty levels can be completed in milli- or sub-seconds.
Risk Magazine has recognized Algo Real-Time Credit Engine for introducing stable risk management to the front and middle office and for the speed of its risk calculations.
According to Risk Magazine’s view, “A system like Algo Real Time Credit Engine, with its sub-second counterparty credit exposure calculation capabilities, is timely in an era where regulators have made it clear they expect banks to be able to calculate their exposure to a counterparty in a couple of hours, and it sets a new benchmark for the speed of risk measurement in the front office.”
“Receiving the Software Product of the Year accolade for our award-winning real-time performance is the culmination of four years’ work developing this innovative product,” says Neil Bartlett, CTO, Algorithmics.
“For our clients, the commercial impact of our breakthrough improvements in computational performance promise to be twofold: lower capital and operating costs and, for the first time, very sophisticated risk assessment available real-time and pre-deal.”
“Algorithmics is honored to win the Risk Software Product of the Year Award 2009 for Algo Real-Time Credit Engine,” says Michael Zerbs, president and COO, Algorithmics.
“Winning this award from such a respected risk publication means a great deal to us – as it is recognition of the quality and innovation of not only this product but of Algorithmics’ commitment to continuing innovation in risk management for our clients.”
L.D.