Slide 1

Virtual Reality meets finance - assets in wonderland

The Financial Laboratory Club (F£C) has won a £3/4M grant from the DTI's Foresight Challenge for a two year research program into the use of virtual worlds for effective risk management in the financial sector.

The F£C consortium comprises DERA, BZW, Silicon Graphics, Sun Alliance, City University, City University Business School, The Worshipful Company of Information Technologists, The London Stock Exchange and Z/Yen. The consortium members have pledged circa £1M as industry's contribution to this valuable work.

Announcing the awards, the Minister For Science and Technology, Ian Taylor MBE, MP, said "the proposals embrace science, engineering and technology of the highest quality. It is clear that the Foresight competition is giving a real boost to the science base and industry". The Government's chief scientific advisor, Sir Robert May FRS, agreed. "The science was rated alpha. Proposals recommended for challenge funding were those the advisory group felt met the criteria the best".

Michael Mainelli, Corporate Development Director of DERA, who led the F£C consortium bid, comments "the F£C is combining technology developed for defence with leading edge financial risk management techniques. We intend to evolve a common risk visualisation environment, known as CORVET, which can be applied within and beyond the financial arena. This prestigious award will enable the F£C to turn its vision into reality, or at least virtual reality. In other words, Foresight will help the F£C give extra insight into assets through the looking glass." He grinned like a Cheshire cat as he spoke.

For further information please contact:

Michael Mainelli, Corporate Development Director, DERA, DRA Farnborough, Hants GU14 6TD, Pho 01252-394505, Fax 01252-393174

25 June 1996