Dresdner Kleinwort Wasserstein chooses Calypso for securities processing

San Francisco, 4 November 2002 – Calypso Technology announced today that investment bank Dresdner Kleinwort Wasserstein (DrKW) has chosen Calypso for its global securities processing, with the first component of the new system due to go live for Tri-Party Repo on 4 th November 2002.

The project as a whole covers the bank’s cash equities and bonds businesses as well as its securities lending and borrowing operations, all of which fall within DrKW’s Capital Markets business line. The project will be delivered jointly by DrKW’s IT and Operations departments.

“Cost reduction through consolidating systems infrastructure onto more efficient processing platforms is a major goal of the project,” said Mark Dovaston, Managing Director, Information Technology at DrKW. “Once implemented, Calypso will also reduce both the number of exceptions and the cost of processing those that occur.”

“We are confident that the new technology will help improve our processes and flexibility, delivering benefits not only to us as an organisation but also, critically, to our clients ” added Nigel Whitehouse, Global Head of Operations.

Calypso provides real-time information on positions, collateral, margin calls, upcoming settlements, and fails to Operations staff, who can then in turn support the front office more effectively. The software aims to help the financial industry solve problems of cost control, ensure more effective trading, and streamline operations through IT innovation.

“DrKW Frankfurt already uses Calypso for FX and money markets. We are delighted that the success there has led them to extend the product to the global securities business,” said Charles Marston, CEO of Calypso Technology.

About Dresdner Kleinwort Wasserstein
Dresdner Kleinwort Wasserstein (DrKW) is the investment bank within the Corporates and Markets Division of Dresdner Bank AG, a member of the Allianz Group since July 2001. Headquartered in London, Frankfurt and New York and with an international network of offices, DrKW provides a wide range of investment bank products and services to European and international clients through its Investment Banking, and Capital Markets business lines.