12 December 2007

The Bank of Ireland's global markets division has purchased Algorithmics' Algo Market Analytics. The product covers more than 20 global markets and 400 financial products, spanning fixed income, foreign exchange, equity, credit, energy, commodity and derivatives instruments.

"We plan to roll this system out to the middle office as soon as possible," said Catherine Keane, head of credit and market risk at Bank of Ireland global markets. "With over 80,000 positions on our books, we need a system that can run best-practice, technologically advanced, intra-day market risk analytics quickly and efficiently, and in a manner that is consistent with Basel II requirements."

"At the heart of Algo Market Analytics is the mark-to-future methodology, a forward-looking simulation framework based on full valuation across user- defined scenarios capturing all optionality, within a single, unified framework", said Andrew Aziz, executive vice president of risk solutions at Algorithmics. "We believe that this will help Bank of Ireland to better measure, control and manage its market risk to achieve its business and regulatory objectives."