Egar fends off competitors to grab Sberbank risk management contract

The Savings Bank of the Russian Federation (Sberbank), Russia's largest bank, has selected Egar Technology’s Focus product for its trading, treasury, operations and risk management needs. Egar Technology, a New York-based supplier of trading and risk management systems, fought off competition from SunGard, Reuters, Bloomberg, IBS, Servocomp, Algorithmics, Prime-Tass and Askina to win the deal.

“For this tender, our Focus product successfully competed on system features against better-known vendors,” said Ravi Jain, Egar’s chief executive. “Our modular system offerings and attractive pricing structure enables us to provide systems sophisticated enough for the largest banks in the world, yet accessible to smaller banks as well.”

Egar Focus is a modular, fully integrated, front- to back-office trading and risk management system with position keeping, pricing, reporting, risk management and full operations features supporting trading of over-the-counter and exchange-traded derivatives. It covers foreign exchange, equity, fixed-income, money market, metals, energy and commodity derivatives products.