Fitch Group announced today that it is to acquire Algorithmics, a leader in enterprise risk management. The transaction, valued at $175 million, is expected to close in January 2005. The transaction is subject to customary regulatory approvals.
The results of Risk ’s first-ever technology rankings – voted for byover 350 users of risk-based software products – show a highlycompetitive industry where firms must strive to stay abreast offinancial innovation. Clive Davidson reports
Morgan Stanley’s credit correlation model has been made available on Bloomberg today. The model can be used to price basket and single-tranche credit derivatives.
The move by UK investment bank Barclays Capital to offer live interest rate swaps prices via Bloomberg terminals is the catalyst that will drive the electronic trading of interest rate swaps, according to Icap chief executive Michael Spencer.
Axiom Global Partners, the New York-based inter-dealer brokerage, has launched its electronic credit default swap (CDS) broking platform in the London market.
Royal Bank of Scotland’s (RBS) London-based Financial Markets division has expanded its Bloomberg Electronic Trading offering by adding euro interest rate swaps.
GFI Group, the New York-based inter-dealer brokerage and software company, has made a deal with Swiss investment bank UBS, to link its currency options software with the bank’s screen-trading system.
Algorithmics, an enterprise risk management solutions specialist, and FRS, a global provider of regulatory and financial reporting solutions, have entered into an agreement to deliver regulatory reporting within the Algo Capital solution.
Icap has launched an electronic credit derivatives trading service via its BrokerTec platform, which typically handles Treasury bond and repo transactions.
Quasi-government US mortgage agency, Freddie Mac, has chosen Fitch Risk’s OpVar software suite to manage its operational risk.
Canadian software company Algorithmics has updated its operational risk management system to consolidate data capture for all regulatory information ranging from Basel II to Sarbanes-Oxley.