Landesbank Baden-Wurttemberg (LBBW) said it will use Algo Collateral as the foundation for all future banking activities, as it adapts to upcoming changes to regulatory requirements for credit lending and credit worthiness in 2005.
The bank also hopes that the platform will allow it to remain competitive in a consolidated marketplace once state liability guarantees are eliminated.
Andreas Beck, head of back office OTC derivatives, commented: Algo Collateral has already allowed the bank to expand both trading volume and counterparties on a collateralized basis, and we’re planning for added business in the future.
Additionally, Algorithmics also announced the successful integration of Algo Collateral’s automated interface to the LeDIS legal database application, which is expected to enable LBBW to import agreement terms and create the appropriate master and collateral agreement necessary for controlling margining processes.
