Electronic messaging between collateral counterparties is a critical piece of the industry’s strategic direction for effective, efficient and controlled collateral management and we look forward to working with our panel of advisory partners to achieve our goals for interoperable collateral messaging.
Toronto, London, New York (PRWeb UK) August 3, 2009
Algorithmics, the leading provider of collateral management solutions, announced today that it is developing Algo Connect, a message exchange service for collateral management to support current industry initiatives towards electronic messaging. Algo Connect will facilitate the electronic communication between collateral counterparties and related service providers, through an open standard, and be accessible to all, regardless of the collateral management system being used.
The development of Algo Connect is being guided by a panel of advisory partners from among Algorithmics’ 70 collateral clients in 17 countries, non-clients, and other industry participants to establish messaging capabilities that satisfy the business requirements of both buy side and sell side collateral professionals.
David Wechter, Senior Director, Collateral Product Management at Algorithmics, said: “Our goal for electronic messaging is to work with the collateral industry to establish an environment that promotes a best practice standard in the OTC collateral market space. Algo Connect will be an industry message exchange allowing for collateral management to be standardized on a single communication platform that improves efficiency, reduces errors, and maximizes participation between all collateral professionals and geographies.
“Electronic messaging between collateral counterparties is a critical piece of the industry’s strategic direction for effective, efficient and controlled collateral management and we look forward to working with our panel of advisory partners to achieve our goals for interoperable collateral messaging.”
Algorithmics’ work is in support of current industry initiatives, championed by ISDA and the Collateral Infrastructure Working Group, that aim to use electronic messaging to improve market practices for communication between collateralized trading counterparties. Specific goals include the automation of operational dialogues for collateral margin call, collateral substitution requests, and cash interest statements delivery.
For more information about collateral management at Algorithmics, please visit: http://www.algorithmics.com/EN/solutions/operations/
For further information please contact:
Heather Smith, Senior Communications Manager, Algorithmics (UK) Ltd
Direct line +44 (0) 20 7392 5820 Mobile +44 (0) 7515 974223
Notes to Editors:
Algorithmics is the world's leading provider of enterprise risk solutions. Financial organizations from around the world use Algorithmics' software, analytics and advisory services to help them make risk-aware business decisions, maximize shareholder value, and meet regulatory requirements. Supported by a global team of risk experts based in all major financial centers, Algorithmics offers proven, award-winning solutions for market, credit and operational risk, as well as collateral and capital management. Algorithmics is a member of the Fitch Group. http://www.algorithmics.com
Algo Collateral is an enterprise-wide margining solution to guide banks, insurance providers, pension funds and asset managers through all aspects of the collateral management process. Through an automated workflow and timely access to market data, Collateral Operations enables financial institutions to respond faster to business opportunities while reducing credit and operational risk.
Fitch Group is the parent company of Fitch Ratings, a global ratings agency committed to providing the world's markets with independent, timely and prospective credit opinions. With 49 offices worldwide, Fitch Ratings’ global expertise spans across capital markets in over 150 countries. Fitch Ratings is headquartered in New York and London.
The Fitch Group also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics and related services; and Algorithmics, the world's leading provider of enterprise risk solutions.
The Fitch Group is a majority-owned subsidiary of Fimalac, S.A., headquartered in Paris, France.
For additional information, please visit http://www.fitchratings.com http://www.algorithmics.com and http://www.fimalac.com
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