New HIPERFIT research center will hopefully help predict the next financial crisis.
The University of Copenhagen (the Departments DIKU and Math) is building a new research center on financial risk management studies, which will hopefully help predict the next financial crisis.
The new center, named Functional High-Performance Computing for Financial Information Technology (HIPERFIT), will combine research in high performance computing, programming and finance, according to a press release.
"The financial sector contains huge volumes of data which require computer intensive and risk management analysis. These challenges can be resolved in an efficient and inexpensive manner by using parallel computers," said Fritz Henglein, professor at the Computer Science Department of Copenhagen University.
"We lack, however, programming languages and techniques that take advantage of future hardware fully, while providing transparent and reliable solutions. HIPERFIT will try and solve this problem," he added.
The Danish Strategic Research Council has invested 5.7 million U.S. dollars on HIPERFIT. Research will be under the department of Computer Science at the University of Copenhagen with Professor Fritz Henglein as research director.