Denmark's Danske Bank has licensed Algorithmics' Algo Collateral solution to manage its OTC derivative and repo-margining activities.
Algo Collateral will replace Danske's existing in-house system and provide the bank with an enterprise-wide platform to automate the collateral process and minimise the operational risks associated with the margining process.
Mogens Dalhoff, first vice president, Danske Bank, says: "Algo Collateral now becomes the strategic backbone of our collateral operation to facilitate the growth of our margining activities."
Algorithmics says the deal marks the first client for Algo Collateral in Scandinavia.