Date: March 13, 2002
Location: New York
AxiomSL announced today that Euroclear, Europe’s first and largest clearance and settlement house for global traded securities, has implemented RiskMonitor® and IntegrationCenter™ to support the risk management activities of its banking operations. Axiom products will also serve its market risk data warehouse function. The Market Risk and Data Warehouse initiatives are part of a larger treasury system implementation project at Euroclear Bank. These expanded data and risk functionality requirements led Euroclear to AxiomSL’s selection among several other vendors.
“We needed to replace our previous risk management solution and our team’s decision was driven by Axiom satisfying a broad mix of criteria like functionality, implementation and on-going support track record, people and cost efficiency.” said Euroclear Bank’s Risk Management Manager, Eric de Spirlet, ‘Something that really impressed us was their quick response to a test case given to all vendors and AxiomSL’s ability to deliver results quickly. The implementation was also on time and budget.”
“AxiomSL’s dynamic data management capabilities have again made the difference”, says Don Mumma, Managing Director at AxiomSL. “It means we can offer and execute the best value to our clients with the functional and instrument coverage flexibility they need, when they need it. We look forward to being a key partner with Euroclear as they expand and enhance their market risk management capabilities.”
Euroclear is the world’s largest settlement system for domestic and international securities transactions, covering both bonds and equities. Euroclear provides securities services to major financial institutions located in more than 80 countries worldwide. It is a leading driver of the consolidation in Europe’s fragmented securities settlement industry. In 2000, the Euroclear group had combined turnover of almost EUR 100,000 billion, while the total value of securities held in custody exceeded EUR 7,000 billion. Euroclear Bank was launched on 31 December 2000, when it assumed the Euroclear operating and banking roles previously carried out by Morgan Guaranty Trust Company of New York. Market owned and governed by more than 1,500 user shareholders, Euroclear Bank is rated AA+ by both S&P and Fitch.