London, New York and San Francisco, 24 May 2006 – T-Zero today announced a strategic partnership with Calypso Technology, Inc., the leading provider of capital markets trading software solutions for global financial institutions, which will support the development of an interface between Calypso and T-Zero. This partnership further assists Calypso’s clients in improving straight through processing (STP) of credit derivatives trades through T-Zero’s services.
Under the new partnership, Calypso’s front-office trade capture system provides seamless access to T-Zero’s Affirmation Service. T-Zero’s workflow and real-time messaging ensures that Calypso clients capture their credit derivative transactions with 100% accuracy. In addition, T-Zero’s “Agnostic Connectivity” allows Calypso clients to electronically connect to DTCC, GlobeOp and the T-Zero user base, which is growing daily.
Mark Beeston, president of T-Zero, indicated that all Calypso credit derivatives clients, which include both buy-side and sell-side organisations, can benefit from reductions in operational risk, human errors and operations costs through T-Zero.
Beeston pointed to statements made last week by former U.S. Federal Reserve Board Chairman Alan Greenspan indicating concerns that credit default swap transactions were still being captured on paper. According to reports, Greenspan called the backlog of unconfirmed trades “unconscionable” while also commenting that many trades “could be confirmed instantaneously” using available technology.
“Cairn welcomes the partnership between T-Zero and Calypso,” said Chris Bentley, infrastructure guru and Head of Operations at Cairn Capital, “We have worked closely with both parties to define a seamless, integrated trade capture and risk management infrastructure, moving towards timely trade data capture and matching. Innovations like this are vital steps in removing the current constraints on the CDS market and creating a volume insensitive environment – promoting growth and stability.”
“The credit derivatives market is continuing to develop its own unique infrastructure, of which T-Zero is an instrumental component,” said Charles Marston, Chairman and CEO of Calypso Technology, Inc. “At Calypso, we strive to maintain our market-leading position in credit derivatives by working with companies like T-Zero, which we believe brings a valuable proposition to the market. We are delighted to be the first front-to- back solution provider to take this strategic step.”
“It is our goal to continue to work toward resolving the multiple operational issues affecting the markets to help ensure future growth in the industry,” said Beeston. “We are delighted to be partnering with Calypso in working towards this goal. Calypso software is used by numerous dealers, hedge funds and asset managers and this partnership significantly facilitates the adoption of T-Zero by those institutions.”
T-Zero’s approach to electronic connectivity and messaging directly addresses the major inefficiencies in post-trade derivative processing highlighted by the New York Federal Reserve and the FSA. T-Zero’s post-trade messaging and workflow system has been adopted by numerous dealers and trading platforms.
About T-Zero
T-Zero’s approach to electronic connectivity and messaging directly addresses the major inefficiencies in post-trade derivative processing highlighted by the New York Federal Reserve, the FSA and other regulators over the past year. Since being launched in August 2005, T-Zero’s post-trade messaging and workflow system has been adopted by numerous dealers and trading platform offering a uniquely flexible solution for the global credit derivatives market. The T-Zero platform enables communication and electronic affirmation of credit derivative trades on trade date, greatly reducing operational and settlement risks. A truly open communications platform, T-Zero connects market participants including major credit derivatives dealers, hedge funds, asset managers, prime brokers, fund administrators and documentation execution providers. Visit www.tzero.com for more information.
Wednesday, May 24, 2006
Monday, May 15, 2006
Banco Espírito Santo Selects Calypso
San Francisco, 15 May 2006 – Calypso Technology, Inc., a leading provider of capital markets trading software solutions for global financial institutions, today announced that Banco Espírito Santo, SA, a leading Portuguese commercial bank, has selected Calypso as its cross-asset back office solution for Treasury and Capital Markets. Calypso will be deployed across subsidiaries.
Calypso was selected on the strength of its complete cross-asset coverage which provided the best fit for its business. This is coupled with Calypso’s proven implementation track record and strong list of reference clients. Banco Espírito Santo needed to replace outdated legacy systems and considered several vendor solutions.
Mr. Pedro Cruchinho, a Senior VP at Banco Espírito Santo, commented: “We conducted a thorough review of several systems for our Treasury and Capital Markets department. Calypso stood out as the solution that could handle every instrument we traded – it is truly a cross-asset system.”
“The project with Banco Espírito Santo represents our first step into the Portuguese market, while expanding our Southern European client base. This is a very exciting growth phase for Calypso and we are delighted that Banco Espírito Santo is part of the success story,” said Charles Marston, Chairman and CEO of Calypso Technology, Inc.
About Banco Espírito Santo
Banco Espírito Santo (www.bes.pt), founded in 1920, is the third biggest financial institution operating in Portugal in total assets, with an average market share of 17.7% (end 2004) on the major business lines and with a total number of customers over 1.6 millions. Having an ancient tradition on innovation and a customer centric approach, its domestic branches network cover Portugal with almost 600 retail branches and at an international level it is present in 17 different countries through Branches, Representative Offices and Subsidiaries.
BES operates as a universal bank on a multi-channel distribution strategy and based on well defined customer segmentation, focusing on optimizing customer value.
Group BES has a clear and focused strategy: it aims to be the leading multi specialist financial group in Portugal, in which concerns innovation, customer service, profitability and efficiency.
Calypso was selected on the strength of its complete cross-asset coverage which provided the best fit for its business. This is coupled with Calypso’s proven implementation track record and strong list of reference clients. Banco Espírito Santo needed to replace outdated legacy systems and considered several vendor solutions.
Mr. Pedro Cruchinho, a Senior VP at Banco Espírito Santo, commented: “We conducted a thorough review of several systems for our Treasury and Capital Markets department. Calypso stood out as the solution that could handle every instrument we traded – it is truly a cross-asset system.”
“The project with Banco Espírito Santo represents our first step into the Portuguese market, while expanding our Southern European client base. This is a very exciting growth phase for Calypso and we are delighted that Banco Espírito Santo is part of the success story,” said Charles Marston, Chairman and CEO of Calypso Technology, Inc.
About Banco Espírito Santo
Banco Espírito Santo (www.bes.pt), founded in 1920, is the third biggest financial institution operating in Portugal in total assets, with an average market share of 17.7% (end 2004) on the major business lines and with a total number of customers over 1.6 millions. Having an ancient tradition on innovation and a customer centric approach, its domestic branches network cover Portugal with almost 600 retail branches and at an international level it is present in 17 different countries through Branches, Representative Offices and Subsidiaries.
BES operates as a universal bank on a multi-channel distribution strategy and based on well defined customer segmentation, focusing on optimizing customer value.
Group BES has a clear and focused strategy: it aims to be the leading multi specialist financial group in Portugal, in which concerns innovation, customer service, profitability and efficiency.
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