San Francisco, 01 December 2003 – Calypso Technology announced today that Wells Fargo has selected the Calypso system for trading and processing of their interest rate derivatives business.
"We explored a variety of options for the new system, including vendor offerings and building a solution in-house. We found that Calypso had rich functionality that would serve our business needs well and give us a fast time to market," said Adrian Kayari, Head of Financial Products at Wells Fargo. "The ability to consolidate a significant number of stand alone applications into a single turn-key trading platform should improve our productivity, and enable us to take our business to the next level, both in terms of trade volume and sophistication."
Technology and support also played an important role in the system selection.
"Calypso has a strong technology platform that can handle special requirements well - for example, the ability to integrate our own analytics is a key benefit. We also evaluated the company's support processes carefully and feel confident that we will get support of a high quality from Calypso," added Kayari.
"We are excited about Wells Fargo joining us as a customer," said Charles Marston, CEO of Calypso. "They are well known for their focus on innovation in technology. Their selection of Calypso as the technology vendor for a key business validates our efforts in building the right system for the market."
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $391 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,900 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"-rated bank in the United States.
Monday, December 1, 2003
Wednesday, August 13, 2003
HSBC Extends Calypso Usage to Equity Derivatives
San Francisco, 13 August 2003 – Calypso Technology announced today that the HSBC Bank USA has extended its use of Calypso to equity derivatives products. HSBC is already live on Calypso for credit derivatives.
"Calypso has given us faster time to market. We were live on the first equity derivative product within 9 months of the decision," said Sandeep Saksena, Head of Derivatives and FX IT at HSBC Bank USA. "We expect to move all our equity derivatives business to Calypso by the end of this year."
Cost reduction was another factor in HSBC's decision.
"Given the success of the credit derivatives project, we wanted to expand our use of Calypso," added Saksena. "Using one system to process multiple products saves us money. Our support costs are reduced, and our team can focus on more value added activities."
HSBC joins a growing list of existing Calypso customers expanding their use of the system.
"We are pleased HSBC has extended its use of Calypso. It is a measure of their confidence in the product," said Kishore Bopardikar, President of Calypso Technology. "It is a simple formula for success: satisfied, long-term clients."
HSBC Bank USA
About HSBC Bank USA has more than 410 branches in New York State, giving it the most extensive branch network in New York. The bank also has eight branches in Florida, two in Pennsylvania, three in California and 17 in Panama. HSBC Bank USA is the tenth largest US commercial bank ranked by assets and is a subsidiary of HSBC USA Inc, an indirectly-held, wholly-owned subsidiary of HSBC Holdings plc (NYSE: HBC). Headquartered in London, and with over 7,000 offices in 81 countries and territories, the HSBC Group is one of the world's leading banking and financial services organizations. For more information about HSBC Bank USA and its products and services visit http://www.us.hsbc.com/.
"Calypso has given us faster time to market. We were live on the first equity derivative product within 9 months of the decision," said Sandeep Saksena, Head of Derivatives and FX IT at HSBC Bank USA. "We expect to move all our equity derivatives business to Calypso by the end of this year."
Cost reduction was another factor in HSBC's decision.
"Given the success of the credit derivatives project, we wanted to expand our use of Calypso," added Saksena. "Using one system to process multiple products saves us money. Our support costs are reduced, and our team can focus on more value added activities."
HSBC joins a growing list of existing Calypso customers expanding their use of the system.
"We are pleased HSBC has extended its use of Calypso. It is a measure of their confidence in the product," said Kishore Bopardikar, President of Calypso Technology. "It is a simple formula for success: satisfied, long-term clients."
HSBC Bank USA
About HSBC Bank USA has more than 410 branches in New York State, giving it the most extensive branch network in New York. The bank also has eight branches in Florida, two in Pennsylvania, three in California and 17 in Panama. HSBC Bank USA is the tenth largest US commercial bank ranked by assets and is a subsidiary of HSBC USA Inc, an indirectly-held, wholly-owned subsidiary of HSBC Holdings plc (NYSE: HBC). Headquartered in London, and with over 7,000 offices in 81 countries and territories, the HSBC Group is one of the world's leading banking and financial services organizations. For more information about HSBC Bank USA and its products and services visit http://www.us.hsbc.com/.
Monday, July 7, 2003
Wachovia Goes Live on Calypso for Credit Derivatives
San Francisco, 07 July 2003 – Calypso Technology announced today that Wachovia Corporation has gone live on the Calypso system for its credit derivatives business. The company will use the system for front-to-back processing for a broad range of credit derivatives.
"Our credit derivatives business is growing," said Joe Belciglio, Managing Director, Trading Technology. "With higher volumes come new systems requirements. Calypso enables us to enter deals quickly, and ensures that our systems capabilities grow as our business does. Their system makes it easy to manage the huge amount of static and market data dealing with issuers, issues, default probabilities, recovery rates and correlations between them."
"The Calypso system supports both vanilla and complex credit products," continued Belciglio. "Moreover, we can extend the system ourselves to handle new products. That flexibility is essential in a rapidly evolving market such as credit derivatives."
"Wachovia's use of Calypso in this area validates the strength of our credit derivatives offering," said Charles Marston, CEO of Calypso. "We were able to sign several large clients within a few months of launching the product - a sign that our product satisfies unmet needs in the market."
About Wachovia Corporation
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
"Our credit derivatives business is growing," said Joe Belciglio, Managing Director, Trading Technology. "With higher volumes come new systems requirements. Calypso enables us to enter deals quickly, and ensures that our systems capabilities grow as our business does. Their system makes it easy to manage the huge amount of static and market data dealing with issuers, issues, default probabilities, recovery rates and correlations between them."
"The Calypso system supports both vanilla and complex credit products," continued Belciglio. "Moreover, we can extend the system ourselves to handle new products. That flexibility is essential in a rapidly evolving market such as credit derivatives."
"Wachovia's use of Calypso in this area validates the strength of our credit derivatives offering," said Charles Marston, CEO of Calypso. "We were able to sign several large clients within a few months of launching the product - a sign that our product satisfies unmet needs in the market."
About Wachovia Corporation
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
Wednesday, June 4, 2003
Calypso Wins Overall Technology Leader Award from The Banker
San Francisco, 04 June 2003 – Calypso Technology announced today that it was awarded the Overall Technology Leader award for Wholesale Back Office Application of the Year by The Banker Magazine. The Banker is a publication of the Financial Times Business group. This year's awards were the inaugural technology awards given by the magazine.
"The judging panel chose Calypso as it clearly differentiated itself from the pack. The winner was based on a number of criteria. True innovation, adaptability to business needs, fast implementation, and customer satisfaction were all considered. Our panel felt Calypso distinguished itself on all fronts," said Parveen Bansal, Technology Editor for The Banker.
"To be recognized as the overall leader in this category brings great satisfaction. We set out to build the leading cross asset front to back trading system in the industry. While we continue to enhance our application to meet the changing needs of the industry, this award validates our efforts, " said Charles Marston, CEO of Calypso Technology.
Calypso received the award at The Banker Technology Awards 2003 evening on June 3 in London.
About Financial Times Business
Financial Times Business is part of the Financial Times and Pearson Plc. Established in 1926, The Banker provides global financial intelligence to the international banking and finance community. Published monthly, each issue delivers news and opinion on the latest developments in both the retail and investment banking sectors. With regular software and technology updates, new product innovations, country profiles and expert market commentary from leading industry figures, The Banker is essential reading for all banking and finance professionals.
"The judging panel chose Calypso as it clearly differentiated itself from the pack. The winner was based on a number of criteria. True innovation, adaptability to business needs, fast implementation, and customer satisfaction were all considered. Our panel felt Calypso distinguished itself on all fronts," said Parveen Bansal, Technology Editor for The Banker.
"To be recognized as the overall leader in this category brings great satisfaction. We set out to build the leading cross asset front to back trading system in the industry. While we continue to enhance our application to meet the changing needs of the industry, this award validates our efforts, " said Charles Marston, CEO of Calypso Technology.
Calypso received the award at The Banker Technology Awards 2003 evening on June 3 in London.
About Financial Times Business
Financial Times Business is part of the Financial Times and Pearson Plc. Established in 1926, The Banker provides global financial intelligence to the international banking and finance community. Published monthly, each issue delivers news and opinion on the latest developments in both the retail and investment banking sectors. With regular software and technology updates, new product innovations, country profiles and expert market commentary from leading industry figures, The Banker is essential reading for all banking and finance professionals.
Monday, April 28, 2003
Calypso Announces Support for Linux
San Francisco, 28 April 2003 – Calypso Technology announced today that the Calypso system now supports the Linux open source operating system. Calypso provides front to back trading and processing solutions for all treasury, fixed income, equity and structured products to the world's leading financial institutions.
Supporting Linux is an integral part of Calypso's strategy to provide the lowest total cost of ownership to its customers.
"Calypso is focused on lowering its clients overall costs. We look at all the elements that go into this. Our system provides clients with greater STP which reduces operational expenses. Customers have been able to eliminate the costs of maintaining multiple systems by using Calypso. By supporting Linux, we are now providing them with the least expensive option for them to deploy and operate critical business applications like Calypso." Said Kishore Bopardikar, President of Calypso.
Calypso's ability to run on Linux makes it an attractive system choice for banks adopting a modern system strategy but unable to find appropriate applications for use.
"Many banks now have an open source plan and are adopting Linux. They would like to use it more widely but are restricted by applications that were built for a single platform and cannot be migrated over to Linux. With the support of Linux we are simply addressing our customers needs," commented Bopardikar.
Calypso's support for Linux was very straightforward as the system is built completely in Java. No additional development was required and the same version system is now available for all platforms including Linux, Windows, Solaris and others. Testing on Linux is integral part of the development process at Calypso. Calypso itself uses Linux to run its system in house in various instances.
Supporting Linux is an integral part of Calypso's strategy to provide the lowest total cost of ownership to its customers.
"Calypso is focused on lowering its clients overall costs. We look at all the elements that go into this. Our system provides clients with greater STP which reduces operational expenses. Customers have been able to eliminate the costs of maintaining multiple systems by using Calypso. By supporting Linux, we are now providing them with the least expensive option for them to deploy and operate critical business applications like Calypso." Said Kishore Bopardikar, President of Calypso.
Calypso's ability to run on Linux makes it an attractive system choice for banks adopting a modern system strategy but unable to find appropriate applications for use.
"Many banks now have an open source plan and are adopting Linux. They would like to use it more widely but are restricted by applications that were built for a single platform and cannot be migrated over to Linux. With the support of Linux we are simply addressing our customers needs," commented Bopardikar.
Calypso's support for Linux was very straightforward as the system is built completely in Java. No additional development was required and the same version system is now available for all platforms including Linux, Windows, Solaris and others. Testing on Linux is integral part of the development process at Calypso. Calypso itself uses Linux to run its system in house in various instances.
Tuesday, February 18, 2003
DataSynapse Partners with Calypso Technology to Scale Front/Middle-office Analytics and Decision Support
San Francisco, 18 February 2003 – Calypso Technology, provider of cross-asset front-to-back trading systems, and DataSynapse, provider of a leading self-managed, grid computing platform announced today an integrated solution: the grid computing capability of DataSynapse's LiveCluster™ joined with the trading platform of Calypso. The companies also announced the adoption of this joint solution by Wachovia Corporation.
Calypso is a modern, front-to-back trading system with broad support for asset classes and business functionality. DataSynapse's guaranteed grid computing platform, LiveCluster, enables clients to meet the workload of hundreds of traders, risk managers, and IT professionals in a real-time environment without incurring additional hardware, development, or support costs.
The announced integration will permit calculations within Calypso to be performed faster by distributing them over a network of computers via LiveCluster. This applies equally to client proprietary analytics integrated into Calypso with their open application programming interfaces (APIs). These proprietary analytics are then automatically available for distribution via LiveCluster without modification. Calypso and LiveCluster are written entirely in the Java programming language and integrate seamlessly in a client's architecture.
"Our partnership with DataSynapse benefits all concerned," said Charles Marston, CEO of Calypso Technology. "Good decisions depend on timely information, but the analytics of trading and risk have become more complex and compute intensive. Our clients can speed up these calculations using grid computing via LiveCluster."
"Calypso is the market leader for cross-asset trading and processing systems," said Peter Lee, CEO of DataSynapse. "Our joint success with Calypso validates our partnering strategy with leading financial application software providers."
Calypso and DataSynapse expect to work together with several financial institutions, as they did with Wachovia.
"The combination of Calypso's STP framework with DataSynapse's grid computing has had a significant impact on our fixed income derivatives area over the past two years," said Andy Cook, Director, U.S. Dollar Derivatives, Wachovia Corp. "We evaluated several alternatives. Calypso and DataSynapse gave us the fastest implementation. This year we will trade over $1 billion in fixed income and related capital markets products using Calypso and DataSynapse, and we plan to extend our use of their integrated solution."
"Implementing complex models over large portfolios while still maintaining adequate levels of performance to facilitate trading is a major challenge throughout the financial services industry." said Debbie Williams, Group Vice President, Capital Markets and Corporate Banking, Financial Insights (formerly Meridien Research). "End user applications are increasingly dependent on the layers of software and hardware to facilitate this performance. It will take partnerships like this one between DataSynapse and Calypso to make these processes run smoothly."
About DataSynapse
DataSynapse, Inc. (http://www.datasynapse.com/) enables applications requiring scalability to exploit distributed computing capabilities by efficiently utilizing the overall IT environment. DataSynapse deploys a self-managed, guaranteed, distributed computing platform, LiveCluster, that delivers order of magnitude increases in the speed and reliability of software applications while substantially reducing clients' total cost of ownership and accelerating their time-to-deploy. LiveCluster solves compute- and data-intensive bottlenecks and scalability constraints by unobtrusively harnessing the power of servers, clusters and/or desktops anywhere on a client's network, whether dedicated or underutilized. LiveCluster integrates easily with new or legacy applications running on Linux, Unix, or Windows systems. DataSynapse is headquartered in New York, with offices in London, Houston, Chicago, Washington D.C. and San Francisco.
Calypso is a modern, front-to-back trading system with broad support for asset classes and business functionality. DataSynapse's guaranteed grid computing platform, LiveCluster, enables clients to meet the workload of hundreds of traders, risk managers, and IT professionals in a real-time environment without incurring additional hardware, development, or support costs.
The announced integration will permit calculations within Calypso to be performed faster by distributing them over a network of computers via LiveCluster. This applies equally to client proprietary analytics integrated into Calypso with their open application programming interfaces (APIs). These proprietary analytics are then automatically available for distribution via LiveCluster without modification. Calypso and LiveCluster are written entirely in the Java programming language and integrate seamlessly in a client's architecture.
"Our partnership with DataSynapse benefits all concerned," said Charles Marston, CEO of Calypso Technology. "Good decisions depend on timely information, but the analytics of trading and risk have become more complex and compute intensive. Our clients can speed up these calculations using grid computing via LiveCluster."
"Calypso is the market leader for cross-asset trading and processing systems," said Peter Lee, CEO of DataSynapse. "Our joint success with Calypso validates our partnering strategy with leading financial application software providers."
Calypso and DataSynapse expect to work together with several financial institutions, as they did with Wachovia.
"The combination of Calypso's STP framework with DataSynapse's grid computing has had a significant impact on our fixed income derivatives area over the past two years," said Andy Cook, Director, U.S. Dollar Derivatives, Wachovia Corp. "We evaluated several alternatives. Calypso and DataSynapse gave us the fastest implementation. This year we will trade over $1 billion in fixed income and related capital markets products using Calypso and DataSynapse, and we plan to extend our use of their integrated solution."
"Implementing complex models over large portfolios while still maintaining adequate levels of performance to facilitate trading is a major challenge throughout the financial services industry." said Debbie Williams, Group Vice President, Capital Markets and Corporate Banking, Financial Insights (formerly Meridien Research). "End user applications are increasingly dependent on the layers of software and hardware to facilitate this performance. It will take partnerships like this one between DataSynapse and Calypso to make these processes run smoothly."
About DataSynapse
DataSynapse, Inc. (http://www.datasynapse.com/) enables applications requiring scalability to exploit distributed computing capabilities by efficiently utilizing the overall IT environment. DataSynapse deploys a self-managed, guaranteed, distributed computing platform, LiveCluster, that delivers order of magnitude increases in the speed and reliability of software applications while substantially reducing clients' total cost of ownership and accelerating their time-to-deploy. LiveCluster solves compute- and data-intensive bottlenecks and scalability constraints by unobtrusively harnessing the power of servers, clusters and/or desktops anywhere on a client's network, whether dedicated or underutilized. LiveCluster integrates easily with new or legacy applications running on Linux, Unix, or Windows systems. DataSynapse is headquartered in New York, with offices in London, Houston, Chicago, Washington D.C. and San Francisco.
Monday, February 3, 2003
The Royal Bank of Scotland, Financial Markets to Provide Global Capital Markets Operations Processing on Calypso System
San Francisco, 03 February 2003 – Calypso Technology announced today that it has been selected by The Royal Bank of Scotland (RBS), Financial Markets for Capital Markets Operations processing globally.
The Royal Bank of Scotland is the fifth largest bank globally by market capitalization and has a significant Capital Markets business. Capital Markets originates, trades and researches vanilla and structured debt capital securities across a range of asset classes, industry sectors, maturities and currencies across the credit spectrum, from Gilts and Euro-government Bonds to High Yield Bonds.
"We looked for a system that would deliver core functionality 'out of the box' whilst also providing us with the potential to develop functionality using a toolkit. This will enable us to support any business expansion and improve STP in a cost effective manner " said David Hefford, Global Head of Risk and Operations Technology at RBS Financial Markets. "Calypso addressed most of our requirements out of the box and will be extending the product according to our specifications".
RBS wants to deliver a scalable solution to support the Capital Markets business and also integrate with the strategic application architecture across Financial Markets.
"We are developing a processing infrastructure that will serve Financial Markets well into the future," added Hefford. "Calypso has the technical features to be a core component of the processing infrastructure for Capital Markets business and fits in well with our technical architecture.
The initial project is planned to go live in the second half of 2003. Calypso will eventually process the full range of Capital Markets products that RBS Financial Markets trades, from Gilts and Euro-government bonds to high-yield.
"We are excited about working with The Royal Bank of Scotland," said Charles Marston, CEO of Calypso Technology. "We see this as the start of a long partnership. It is through relationships like this that we have built our growing presence in the market."
About The Royal Bank of Scotland Group
The Royal Bank of Scotland is a broadly based financial services group with operations spanning clearing banking, corporate banking, financial services, investment management and insurance, both in the UK and overseas. It is the second largest in bank in Europe and the fifth largest banking group in the world by market capitalisation. The Group serves over 18 million customers. Through its Financial Markets division it provides specialist services in global foreign exchange, currency and structured derivatives, money markets, together with a wide range of interest rate management services to The Royal Bank of Scotland and NatWest international corporate and institutional client base. For further information, please visit http://www.rbsmarkets.com/
The Royal Bank of Scotland is the fifth largest bank globally by market capitalization and has a significant Capital Markets business. Capital Markets originates, trades and researches vanilla and structured debt capital securities across a range of asset classes, industry sectors, maturities and currencies across the credit spectrum, from Gilts and Euro-government Bonds to High Yield Bonds.
"We looked for a system that would deliver core functionality 'out of the box' whilst also providing us with the potential to develop functionality using a toolkit. This will enable us to support any business expansion and improve STP in a cost effective manner " said David Hefford, Global Head of Risk and Operations Technology at RBS Financial Markets. "Calypso addressed most of our requirements out of the box and will be extending the product according to our specifications".
RBS wants to deliver a scalable solution to support the Capital Markets business and also integrate with the strategic application architecture across Financial Markets.
"We are developing a processing infrastructure that will serve Financial Markets well into the future," added Hefford. "Calypso has the technical features to be a core component of the processing infrastructure for Capital Markets business and fits in well with our technical architecture.
The initial project is planned to go live in the second half of 2003. Calypso will eventually process the full range of Capital Markets products that RBS Financial Markets trades, from Gilts and Euro-government bonds to high-yield.
"We are excited about working with The Royal Bank of Scotland," said Charles Marston, CEO of Calypso Technology. "We see this as the start of a long partnership. It is through relationships like this that we have built our growing presence in the market."
About The Royal Bank of Scotland Group
The Royal Bank of Scotland is a broadly based financial services group with operations spanning clearing banking, corporate banking, financial services, investment management and insurance, both in the UK and overseas. It is the second largest in bank in Europe and the fifth largest banking group in the world by market capitalisation. The Group serves over 18 million customers. Through its Financial Markets division it provides specialist services in global foreign exchange, currency and structured derivatives, money markets, together with a wide range of interest rate management services to The Royal Bank of Scotland and NatWest international corporate and institutional client base. For further information, please visit http://www.rbsmarkets.com/
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