Algorithmics wins Credit Technology Innovation Award for buy-side counterparty credit risk management

Toronto, London - 5 November 2010

For the second year running, Algorithmics, the world's leading provider of risk solutions, has been awarded a Technology Innovation Award by Credit Magazine. At an award ceremony in New York last night, Credit Magazine recognized Algo Risk Service, Algorithmics’ managed service which is used primarily by buy-side organizations. During 2010, Algorithmics added new and innovativecounterparty credit risk (CCR) functionality to this web-based risk management and portfolio design service.

Commenting on the award, Dr Andrew Aziz, Executive Vice President of Risk Solutions, Algorithmics, said: “We are proud to win this award for Algo Risk Service and to have our new CCR functionality for the buy side acknowledged in this way. Long recognized as the leading provider of market risk and CCR solutions for the banking sector, Algorithmics has worked closely with its Algo Risk Service clients to incorporate this capability into our managed services solution from a buy-side perspective.

“We believe that for a buy-side audience, which is traditionally less used to looking at exposure to counterparties as part of a central risk function, providing this as part of an existing managed service is innovative. Simulated exposures (as compared to the simpler current or MtM exposures) offer a new dimension in CCR sophistication for our buy-side clients as they increasingly embrace risk tools traditionally developed for the sell side.”

Credit Magazine reported: “Toronto-based technology vendor Algorithmics has enhanced the counterparty credit exposure and liquidity risk functionality of Algo Risk Service, its risk management platform aimed at the buy side. Algo Risk Service now provides an integrated approach to managing, monitoring and measuring counterparty credit risk, included as part of its central risk function.”

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