13th Jan 2010 07:00
LOMBARD RISK MANAGEMENT WINS SIX REGULATORY CONTRACTS IN UK
London, 13th January 2010
Lombard Risk Management plc, ("Lombard Risk" or the "Company") the global provider of specialised software solutions that improve the management of collateralised trading, liquidity and regulatory compliance, has won its first regulatory contract of 2010. This takes to six the total of contracts won by Lombard Risk for UK regulatory reporting in the last two months. These six contracts have a total first year value of over £500,000. Some of the revenue from these contracts will be recognized in the current financial year, but owing to the Company's revenue recognition policy the majority will be recognized in the financial year to March 2011. One of these six firms is a new client, and the others are existing bank and building society clients of Lombard Risk for regulatory reporting who are expanding the scope of their contracts to include the new Liquidity Standards finalized by the FSA in October 2009. Four of these clients' contracts include signing up at the same time for Lombard Risk's liquidity stress testing software.
John Wisbey, CEO of Lombard Risk commented
"We are very pleased to have won the business of another new client in the UK and the further business of a number of UK banks and building societies that already use us for their FSA regulatory reporting in the UK in which we are the market leader. We have many more customers who will be making decisions shortly, and we believe they will take great comfort from the fact that our software delivery is on track and that we have closely integrated solutions both for the liquidity regulatory reporting element and for the associated liquidity stress testing and scenario analysis. The latter, which is going to be required by the FSA and other international regulators, is in any case prudent liquidity risk management and therefore helps with good management of a bank as well as in complying with regulations."
"In a world of increasing financial regulation, some of the world's top banks rely on Lombard Risk to report to regulators and to monitor and manage their risk. Our products in Collateral Management, Liquidity and Regulatory Compliance are all increasingly complementary as banks and regulators alike look in ever more similar ways at counterparty risk, liquidity and collateral flows".
"The Company is at an exciting position in its development. Following the capital raising in October 2009, our platform for growth is excellent. We are investing in accelerating the growth of the business. We are confident that we will be able to update shareholders on further new contract wins shortly."
Note to Editors
The FSA's Liquidity Standards initiative as outlined in the FSA's policy statement PS 09/16* affects all banks in the UK. Other than those banks able to obtain a modification or waiver from the FSA, which means many foreign bank branches in the UK, all UK banks and building societies and many investment firms will need to spend money on complying with the new Liquidity Standards regulations. PS09/16 can be found on http://www.fsa.gov.uk/pages/Library/Policy/Policy/2009/09_16.shtml
-ends-
|
For further information please contact: |
|
Lombard Risk Management plc John Wisbey, Chairman and Chief Executive Keith Butcher, Finance Director Tel: 020-7089-3700 |
|
Noble & Company Limited John Llewellyn-Lloyd Sam Reynolds Tel: 020-7763-2200 |
|
City Profile Simon Courtenay Tel: 020-7448-3244 |
Related Shares:
Lombard Risk Management