Calypso Wins The Banker Technology Award for Second Consecutive Year

San Francisco, 10 June 2004 – Calypso Technology announced today that it has been awarded the 2004 Banker Technology Award for Back Office Application of the Year. The Banker, a publication of the Financial Times Business Group, launched its annual technology awards in 2003, to recognize technology vendors in the financial markets. This is the second consecutive year that Calypso has won this award.

“Calypso’s back office application continues to set the standard for systems, both in terms of technology and functionality. Calypso’s clients are able to realize real gains from the system, which was key in our consideration of all the candidates. Calypso takes a fresh approach to the challenges faced by operations teams and continues to enhance its application to eliminate the users pain points. Calypso is only one of two repeat winners of our technology awards and we commend them highly for this achievement,” said Parveen Bansal, Technology Editor for The Banker.

“With the innovation in the financial markets today, operational infrastructure has become more strategic in nature. Leading banks cannot afford to have their back office systems restrict their ability to grow the business. In addition to providing cost efficiencies, a back office must be scalable and flexible. We built Calypso’s back office application to serve as a platform for growth for our clients, and are very pleased to be recognized for our efforts” said Charles Marston, CEO of Calypso Technology.

About The Financial Times Business Group
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.

Calypso Launches Enhanced Credit Derivatives Trading Solution

San Francisco, 04 June 2004 – Calypso Technology announced today that it has launched Calypso 7.0 with increased functionality for credit derivatives trading. Calypso 7.0 enables banks to manage increasing volumes and innovation in the credit derivatives market by empowering them to make effective decisions, manage risk and understand exposure in real-time.

Calypso’s technology provides an integrated view of pricing and risk and allows banks to increase credit derivative trading volumes and monitor positions. Calypso 7.0 can be scaled to manage the significant volume of market data unique to trading credit instruments and supports the complexity of structuring and trading hybrid products. Calypso’s front-to-back platform enables straight through processing (STP) of trades and better management of workflow between traders, sales and the back office. The integration of credit derivatives functionality with Calypso’s leading cross-asset platform allows traders to hedge credit derivatives against other instruments, such as fixed income products.

Calypso 7.0 supports a range of credit derivatives products, including:

• Hybrids
• Index and Basket Trades (including Tranched Index Products) - Traders can capture a trade and calculate exposure to the continually changing basket of underlying names.
• Resecuritisations – including CDO Squared.
• Synthetic, Managed and Static CDOs
• Swaps – including Single Name Credit Default Swaps, ‘Nth’ Default Swaps, Asset Swaps and Total Return Swaps.

“Fuelled by continuous innovation, credit derivatives are the most dynamic instruments in finance today and banks are seeing significant profitability in this area,” says Charles Marston , CEO, Calypso. “The market has grown so rapidly and to such volumes that existing systems have come under strain and market players are recognising the need for trading technology specifically designed to support these complex products. The credit derivatives market has seen significant growth over the past year alone and will only continue to accelerate. We are committed to providing out-of-the-box technology that is flexible enough to react to market changes and adapt to new trading instruments and are excited about the launch of Calypso v7.0.”

Additional system enhancements include integrated front office functionality to support FX trading and back office support for US fixed income products.