Sydney, Feb 5, 2008 AEST (ABN Newswire) - The Board of IT&e Limited ("IT&e" or "the Company")(ASX: ITE)(AIM: ITEL)(ITJEF: PNK), a leading provider of financial software and consulting services to the global financial markets, is pleased to announce that the LCH.Clearnet Group (LCH.C) has selected IT&e's RAZOR product as its Clearing House's Risk Management System.
IT&e and LCH.C have signed a RAZOR license agreement to meet LCH.C's risk management requirements as the central counterparty for trades executed on the London Stock Exchange, Euronext.liffe, ICE, LME, Endex, virt-x, NYSE-Euronext (excluding Euronext.Liffe), Powernext and Nodal exchanges. LCH.C also offers a broad range of services in relation to the OTC interest rate swap, bond and repo markets.
This significant project provides LCH.C with an overnight and intra-day risk management solution at the forefront of industry thinking on the merging of risk engineering and technology. Extensive use will also be made of RAZOR's risk measurement and stress testing capabilities.
The decision to select RAZOR was made after a comprehensive and rigorous evaluation of vendor solutions for the client's global risk management requirements.
Richard Bennett, IT&e's Head of the Europe, Middle East and Africa region said, "This is a deal of market significance not only for IT&e but for the international risk software sector as a whole. It is a clear demonstration of the market entering a new cycle, whereby the world's leading financial institutions have started to act on the need to update risk systems to meet higher expectations around what constitutes best practice in risk management. This high profile win further confirms IT&e's leadership position in the higher value marketplace and underlines our ability to win and deliver a significant and increasing share of this market. RAZOR is increasingly being recognized as the preeminent application in the Top Tier core risk software replacement market".
James Maranis, CEO of IT&e said, "We are extremely pleased to have demonstrated RAZOR's ability to adapt to the unique risk management needs of the LCH.Clearnet Group an esteemed global financial institution with an enviable reputation as an innovator in the financial marketplace. Following on from our win at the Australian Stock Exchange Clearing House RAZOR has clearly become the Clearing House Risk System of choice. This win represents another significant milestone in the Company's global expansion strategy, and we look forward to executing the implementation in the coming months."
For further information about IT&e please visit our website at http://www.ite-fs.com
Contact
Oliver Carton
Company Secretary
TEL: +61 412 149 118
James Maranis
CEO
TEL: +61 2 9236 9427
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