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OpenGamma Wins FOW Award for Best New Risk Management Product


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FOW International Awards 2013
FOW International Awards 2013
PRLog (Press Release) - Dec. 11, 2013 - CENTRAL LONDON, U.K. -- OpenGamma, creator of the first open-source risk management and analytics platform for the financial services industry, has won “Best New Product in Risk Management” in the 2013 FOW International Awards.

Organized by Futures & Options World (FOW), the FOW International Awards recognize the very best in the global derivatives industry. The awards judge categories that span the full breadth of the market—from exchanges to individuals—and honor the key innovators and product launches in the markets during the previous 12 months.

The OpenGamma Platform (http://www.opengamma.com/opengamma-platform/market-risk) provides real-time market risk management technology that brings radical transparency to capital markets’ operations at a significantly lower total cost of ownership. Used by buy-side organizations, investment banks, insurance companies, central counterparties (CCPs) and other market participants, the platform provides a unified approach to risk management that improves the quality, accuracy and timeliness of data to end-users, and helps expand the capabilities of in-house IT resources. The 2.0 version of the platform was released in July 2013 and provides tools for custom stress testing, increased support for listed products and credit derivatives, and the industry’s first pricing model for deliverable swap futures.

“The derivatives industry’s approach to risk management continues to evolve as pressure builds from the rapidly changing market environment and new OTC regulatory requirements under Dodd-Frank,” said Mas Nakachi, CEO of OpenGamma. “We are honored to have been selected as the Best New Risk Management Product by FOW. This distinction is a testament to our continued dedication to meeting our clients’ risk management needs during this period of global market structure transformation.”

The judges at FOW explained their decision: “A new concept in risk management, OpenGamma’s source code is available under the Apache 2.0 license allowing users to modify it for their own requirements. The OpenGamma Platform provides a light, thin, fast layer of risk management that can easily integrate with legacy systems. It allows firms to standardize analytics across asset classes and centralize analytics data to help create transparency of model risk.”

The FOW Awards close out a year for OpenGamma that has been steady with milestone achievements and industry recognition. This included the company being selected for the annual Fast Company list of the “World's 50 Most Innovative Companies” as the second most innovative company in the category of finance, as well as nominations for Risk Management Software of the Year in the FStech Awards and Best Risk Management Technology Provider by HFMWeek. In addition to boosting its executive team and partner network, OpenGamma also recently released a new margining platform for clearing members to support the initial margin calculation requirements of central counterparties (CCPs) on OTC swap transactions with a solution that can run calculations and stress tests on client accounts and new orders in milliseconds.

The winners of the FOW International Awards were announced during an Awards Gala dinner in London on December 10.

About OpenGamma

OpenGamma (http://www.opengamma.com) was founded in 2009 to develop an open platform for analytics and risk management for the financial services industry. The company’s flagship technology product, the OpenGamma Platform, is designed to allow financial services firms to unify their calculation of analytics across the traditional trading and risk management boundaries. The company is headquartered in London with an office in New York.

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OpenGamma
+44 20 3416 3333
***@opengamma.com

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Source:OpenGamma
City/Town:Central London - Greater London - United Kingdom
Industry:Finance, Open source
Tags:open source, OpenGamma, FOW awards
Shortcut:prlog.org/12254792
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