Milan-based Banca Akros SpA -- the investment banking arm of Banca Popolare di Milano Group -- selected Summit's Transact ASP platform for foreign exchange (FX) cash and FX option trading, market making and risk-management activities. Summit replaces an internal FX trading application and a third-party FX options trading software product.
A survey of over 2,000 members of the Professional Risk Managers International Association (PRMIA) in the Americas shows that only 16 percent of respondents felt that their risk-management department was being used effectively. Twenty seven percent have no plans to introduce operational risk measures into their risk analysis. On regulatory matters, 39 percent felt that Basel II would stimulate advances in credit-risk modeling, while 33 percent said they planned to install new software and 32 percent say their budgets have been increased because of Basel II.
Dr. David Gilbert has joined eRisk, a provider of risk and capital management solutions, as president and chief executive officer. Prior to joining eRisk, Gilbert was founder and CEO of Banking Decision Systems, a risk-management software company serving the banking industry. Gilbert was also president and CEO of C*ATS Software and recently served as CEO and board member of 401Konnect, Inc.