San Francisco, 11 May 2005 – Calypso Technology, Inc., a leading provider of cross-asset front to back trading and trade processing software systems, today announced that Bear Stearns has chosen Calypso as its front to back system for derivatives.
The selection of Calypso’s software represents a strategic decision by Bear Stearns to consolidate trading and processing for credit, interest rate and equity derivatives on to a single platform.
Peter Cherasia, chief information officer of Bear Stearns, explained: “There was a need to make changes in the business to improve efficiency. Our vision was of a derivatives operation that was streamlined from front to back and we opted to achieve this through the use of Calypso’s integrated solution.”
Sandeep Saksena, Head of Global Derivatives IT at Bear Stearns, commented: “Technology is vital to the success of our derivatives businesses, and Calypso gives us the modern technical infrastructure required to support continued growth. We see it as a competitive advantage in our markets.”
Charles Marston, chairman and CEO of Calypso Technology, Inc., said: “We are pleased to be part of Bear’s investment in its future derivatives platform. In rationalizing its technology environment, Bear is actively addressing a problem faced by many trading organizations. It is a decisive step. That they take that step with Calypso is a measure of our accomplishment as provider of solutions to the financial industry.”
About Bear Stearns
Founded in 1923, The Bear Stearns Companies Inc. is the parent company of Bear, Stearns & Co. Inc., a leading investment banking and securities trading and brokerage firm serving governments, corporations, institutions and individuals worldwide. With approximately $48.5 billion in total capital, the company’s business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales and trading, securities research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker-dealer clearing services, including clearing and securities lending. Headquartered in New York City , the company has approximately 11,000 employees worldwide. For additional information about Bear Stearns, please visit http://www.bearstearns.com/
Wednesday, May 11, 2005
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