Public procurement notice: Contract Notice
Published: 2019-08-07
Buyer: Bank of England
Country: UK
Contract type: Services
Procedure: Competitive procedure with negotiation
CPV classification: 48000000 | 72000000
Estimated value: 3000000 GBP
Submission deadline: 2019-09-04
Award criteria: The most economic tender

Technical requirements: Υπηρεσίες τεχνολογίας των πληροφοριών: παροχή συμβουλών, ανάπτυξη λογισμικού, Διαδίκτυο και υποστήριξη
The Bank of England (‘the Bank’) intends to identify an economic operator to provide the Financial risk architecture simplification (FRAS) solution and services. FRAS delivers a new financial risk management framework covering the Bank’s balance sheet and the UK’s foreign exchange reserves. The Bank’s a new Financial risk management solution (FRMS) will favour a Commercial off the Shelf (COTS) software solution that is required to integrate seamlessly with its trading platform (OpenLink FINDUR), a number of internal source systems and in-house developed risk models to answer risk management questions and ensure trading is controlled in real-time according to applicable limits.
Through this procurement process the Bank is seeking to select an economic operator who can provide the following services*:
(a) modelling — ability to plumb custom built models in the risk system and distribute calculations efficiently;
(b) limits configuration — ability to accurately apply limits at point of trade against a variety of different models and metrics;
(c) trade controls — visibility into real time limits usage, the ability to block trade input that would breach trade limits, and limit reserving/optimisation;
(d) end of day calculations — ability to aggregate data from a variety of systems and databases, call calculations and produce end of day processes;
(e) risk reporting — experience of creating real time risk dashboards, and the ability to allow users to create and customise reports;
(f) analytics and visualisation — visualisation tools and scenario what if capability, covering variations in market data and in portfolio composition.
*This list of services is not finalized or exclusive and is subject to refinement through the course of the procurement process.
It is anticipated that a maximum of five (5) bidders will receive the invitation to tender (ITT) following the selection questionnaire (SQ). Following the evaluation of the initial tender, the contracting authority reserves the rights to award on an initial tender or short-list three (3) highest scoring bidders and invite to participate in negotiation (ITN) which will be followed by invitation to submit final tender submissions, the highest scoring of which will be the preferred bidder.
The top ranking tenders that meet the minimum overall weighted score criteria will be selected for the ITT Stage. The contracting authority in accordance with Regulation 57 of the Public Contracts Regulations 2015 and as set out in the SQ.
The contracting authority reserves the right to extend the initial term for a further period of up to twenty four (24) months of two (2) successive twelve (12) months. Therefore, the total potential term of the contract is eighty four (84) months from the effective date.
The contracting authority reserves the right to amend the scale of the requirements at any time during the procurement process, or over the term of the contracts to provide additional scope and/or support any other Bank of England division or models.
The contracting authority’s requirements will be set-out in the selection questionnaire (SQ) and/or subsequent documents issued during the procurement.

Eligibility requirements: The contracting authority’s requirements will be set-out in the selection questionnaire (SQ) and/or subsequent documents issued during the procurement.

Award value: 3000000