TORONTO / JOHANNESBURG - October 11, 2001 - Algorithmics Incorporated, a worldwide leader in enterprise risk management solutions, today announced that four of South Africa's leading corporates had renewed their contracts for enterprise-wide management of market risk using solutions from Algorithmics.
The four include three of South Africa's blue chip financial services institutions - Absa, Nedcor and Standard Bank of S. A. Eskom, the largest electricity supply utility in Africa was the fourth corporate to renew. Absa, Standard Bank and Eskom have signed renewals for Algo Market(TM) while Nedcor's
renewal is for an integrated credit and market risk solution with full Algo Suite(TM) functionality. All four entities first started using Algorithmics' products beginning in 1996.
Ron Dembo, president and CEO of Algorithmics, said that the decision by these companies to select Algorithmics again for their core risk management infrastructure ".affirms Algorithmics' leadership position in South Africa and world-wide, and will empower the companies for the future."
Mark-to-Future(TM) and Algo Suite(TM)
For Nedcor, levering the flexibility of the Mark-to-Future (MtF) framework that underlies Algo Suite will bring added advantages. Mark-to-Future is the powerful risk/reward methodology underlying Algo Suite, with an open and extensive framework that enables the incorporation of new scenario generation techniques, new pricing models and new post-processing applications. The framework can therefore be extended to new lines of business and to evolving risk management practice. Since it explicitly incorporates the passage of time, the evolution of scenarios over time and the dynamics of portfolio holdings over time, MtF provides a platform for assessing future uncertainty, which is a key element in today's world. It captures the impact of settlements, maturity dates, interest rates, trading strategies and other factors that influence market risk for all instruments and financial products.
"The decisions by these four financial heavyweights in South Africa to renew is a vote of confidence in the state-of-the-art applications that Algorithmics provides to the market. For it has been acknowledged that the South African financial services' industry and Eskom are global leaders in their fields. By using enterprise risk management solutions that are recognized throughout the world as being at the cutting edge, they provide another arrow to their quiver, ensuring they can trade and compete internationally," said Shona Bell, marketing executive, Algorithmics South Africa.
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