Sweden’s central bank goes live on Intellect Quantum system
Founded in 1668
Sweden’s central bank, Sveriges Riksbank, has finally gone live on Intellect Design Arena’s Quantum Collateral Management Solution (QCMS).
The bank signed for the system back in 2013.
QCMS provides automation of market operations and intraday liquidity provision, and Intellect says Riksbank will benefit from real-time control, multiple collateral pools and “better cover” over the exposure derived from various credit facilities.
Jean Pierre Arens, SVP, continental Europe, Intellect Design Arena, says “working with a central bank and that too with the oldest central bank in the world is a rare privilege” – and “this implementation has been accomplished with the true spirit of partnership and we cherish the same”.
It is not clear if they all had a group hug when the system went live, four years after the contract signing.
Intellect says QCMS also provides integration of domestic central securities depositories (CSDs), cross-border and international CSDs as well as tri-party and agency arrangements. The solution has in-built automated collateral registry, risk management framework, eligibility checks, mobilisation, revaluation, reporting and margin calls.
Riksbank was founded in 1668 and is headquartered in Stockholm. It is the third oldest bank still in operation. Second oldest is Berenberg Bank in Germany, founded in 1590. The oldest is Italy’s Banca Monte dei Paschi di Siena – founded in 1472.
Other central banks on the Intellect customer list include Central Bank of Lesotho, Central Bank of Armenia, Reserve Bank of India (RBI), Central Bank of Seychelles and National Bank of Ethiopia.
