HSBC Group said it has completed a year-long installation of risk management software from Algorithmics.

The Riskwatch application was installed in the banking company's London branch to measure the risk of default by its trading counterparties. As a result, bank officials said, HSBC has been able to reduce the capital it is required by regulators to hold in reserve.

The company also is using Riskwatch to measure market risk. Paulomi Shah, manager of group treasury at HSBC, said the software provides flexible pricing across interest rate and currency products.

Toronto-based Algorithmics, founded in 1989, has 14 offices worldwide and more than 80 clients, including banks, corporations, insurance companies, and investment management firms.

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