JP Morgan has won an award for an IT deployment that enabled its supercomputer to run risk analyses in near real-time.

Earlier this year, the bank revealed how it reduced the time it took to run an end-of-day risk calculation from eight hours down to just 238 seconds.

This was enabled by the implementation of an application-led, High Performance Computing (HPC) system based on Field-Programmable Gate Array (FPGA) technology, developed with HPC solutions provider Maxeler Technologies.

It was this FPGA technology deployment that won the prize for 'Most Cutting Edge IT Initiative' at the American Financial Technology Awards 2011 this week.

The judging panel for the awards included the CIO of NYSE Euronext, Steve Rubinow, CIO of CME Group Kevin Kormeter and CIO of Knight Capital Group Steven Sadoff.

JP Morgan beat off competition from finalists Royal Bank of Scotland (RBS) and the IntercontinentalExchange (ICE) to win the award.

RBS and ICE had submitted mobile applications, RBSMobile and ICE Mobile, respectively, which provided market information, analysis and trading capabilities to users in real-time.

JP Morgan also won in the category for the 'Best OTC Trading Initiative' for its integrated client statements delivery.

Other award winners included Bank of America's Catherine Bessant, who was crowned best CIO, while Barclays Capital was voted to have the best IT team. The best green IT initiative prize and best cloud imitative went to State Street for its global PC power management project and its platform-as-a-service initiative.