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.
Monday, July 7, 2003
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