Tullett Prebon and Calypso Technology to Launch New Correlation Service

• New Correlation Service will help banks manage risk more actively

London, New York, November 04, 2009 – Tullett Prebon, one of the world's leading interdealer brokers and Calypso Technology, a global application software provider to the capital markets industry, today announced plans to launch the TP Correlation Service. Using the power of Calypso’s Galapagos platform, the service will provide Tullett Prebon’s Bespoke Synthetic CDO clients the ability to quickly and efficiently explore a range of transactions from a pool of anonymously-provided liquidity. Tullett Prebon and Calypso Technology believe that this is an important initiative, as it has the potential to recreate liquidity in a marketplace which has been starved of it in recent times.

Bespoke Synthetic CDOs are highly customizable collateralized debt obligations in which the underlying portfolio comprises credit default swaps. Counterparties typically exchange tranches of risk on agreed portfolios of credit default swaps and the tranches themselves are defined by the level of credit risk exchanged. They have been heavily used as investment and trading instruments over the last decade but the events of the credit crisis have led to dramatic reductions in liquidity and transparency as well as very large shifts in valuations. Many institutions who wish to provide liquidity and support the marketplace are finding current processes to be inadequate. As has been well documented, regenerating liquidity in Synthetic CDOs is something which will benefit the financial marketplace both by enabling short-term reduction of unwanted risk and also allowing a more general recovery.

Recognizing this opportunity, Tullett Prebon and Calypso’s Galapagos unit have come together to develop a platform that will bring both operational and transactional efficiency to the process. Clients will be able to upload individual trading objectives and constraints to the highly secure and confidential Galapagos environment in which the platform’s evolutionary algorithms will then identify the optimal risk reducing trades in the market at any one time. The service is due to be launched to clients in Q1 2010.

Mike Binns, MD, Credit & New Products, Tullett Prebon, noted, “Tullett Prebon and Calypso Technology have been working jointly to test this initiative with the main market participants in London and New York. Our clients indicated overwhelming support for this innovative approach which will attempt to solve one of the more intractable problems currently exercising the financial marketplace.”

”This is another example of how we are responding to the aftermath of the crisis with innovation and agility,” Charles Marston, Chairman and CEO, Calypso Technology, commented, “With Tullett Prebon, we identified a need and a solution, and then worked together to bring the market players together to make it happen, demonstrating both leadership and vision.”

John Mooren, General Manager of Calypso’s Galapagos business unit, added, “As the financial services industry continues to experience change, we are seeing a greater demand in specific areas of the credit markets and beyond. We are excited by the continued success of our Galapagos product and look forward to working closely with Tullett Prebon.”

About Tullett Prebon
Tullett Prebon is one of the world’s largest inter-dealer brokers and operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The business now covers seven major product groups: Volatility, Rates, Non Banking & Sterling Cash, Treasury, Energy, Credit, Environmental and Equities. Tullett Prebon's electronic broking division offers electronic solutions to these products.

In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information.

Tullett Prebon has its principal offices in London, New Jersey, Hong Kong, Singapore and Tokyo, with other offices, joint ventures and affiliates in Bahrain, Bangkok, Calgary, Frankfurt, Jakarta, Kuala Lumpur, Luxembourg, Manila, Mumbai, Paris, Salt Lake City, Seoul, Shanghai, Sydney, Toronto, Warsaw and Zurich.

Shinhan Bank Goes Live with Calypso

• Derivatives trading brings competitive advantage
• Ease of implementation allows rapid utilization

Tokyo, October 28, 2009 – Calypso Technology, Inc, a global application software provider of an integrated trading and risk management application suite to the capital markets industry, announced today that Shinhan Bank, a leading Korean commercial bank, has gone live with the Calypso platform for derivatives trading in the front office.

Shinhan Bank identified an opportunity in credit risk hedging and derivatives trading, and was looking for a best-of-breed solution to support the launch of its new business segment. After a thorough selection process, the bank chose Calypso for its ease of implementation and front office functionalities, in addition to Calypso’s expertise and support in this area. Calypso’s flexibility and scalability were also key decision factors as the bank searched for a system that was capable of covering different asset classes, could cope with rapid business growth, and adapt quickly to market requirements and changes.

Ham Tae-Gyu, Credit Derivative Trader, Shinhan Bank, commented, “The Calypso solution is a perfect match for Shinhan Bank’s ambition to bring innovative products to the market, which has always been our competitive edge. The decision to implement Calypso has enabled our firm to remain ahead of the curve by evolving our technology to support our business needs and to achieve our goals.”

Charles Marston, Chairman & CEO, Calypso Technology, added, “Asia Pacific is an important region for Calypso. Our successful partnership with Shinhan Bank shows our commitment to working closely with clients to deliver innovative solutions. Our localized teams ensure all our clients received the highest level of service and support from start to finish.”

About Shinhan Bank
Shinhan Bank is one of the 3 largest commercial banks in Korea. It belongs to Shinhan Financial Group. The equity value of the group is 23 billion USD placing the group the 6th largest listed company in Korea Stock market.

Calypso Expands Presence in Hong Kong

• Firm continues growth in APAC region in response to increasing local demand
• Appointment of Regional Business Development Director to serve Hong Kong client base

Hong Kong, September 17, 2009 – Calypso Technology, Inc, a global application software provider of an integrated trading and risk application suite to the capital markets announced today that it has expanded its presence in the Asia Pacific region by filing all required documents to incorporate a new subsidiary company in Hong Kong. The firm has also appointed Nigel Ford to head up the office, in response to increasing demand for local relationship management in Greater China.

Mr. Ford will work with existing Hong Kong based global clients, including HSBC, Calyon & BNP Paribas, and respond to the growing commercial interest from Greater China based financial institutions. Mr. Ford joined Calypso in August 2008 from similar positions at Sophis, Misys and Thomson Reuters. He was also previously Asia Regional Treasury Manager at ABN AMRO and Wells Fargo Bank.

“Having lived and worked continuously in Asia for the past 27 years, I am excited to be contributing my expertise and deep knowledge of the local business and financial IT industry in Greater China,” says Mr. Ford. “In order to service our rapidly expanding client base in Hong Kong, Calypso recognizes the need to commit dedicated resources to the region and I am looking forward to being an integral part to this effort.”

Calypso has been present in Asia Pacific since 2001, with an initial presence in Sydney, before opening offices in Tokyo in 2002, Singapore in 2005, and Mumbai in 2006. Calypso’s swift growth in the Asia Pacific region is attributable to increasing demand for the state-of-the-art Calypso trading and risk platform from banks, asset managers, insurance companies and hedge funds. In 2009, Calypso announced the firm’s implementation successes with Mitsubishi UFJ Trust and Banking Corporation and Macquarie Group to support front-to-back office, cross-asset trading of OTC derivatives and treasury products..

Sean McDermott, Regional General Manager for Asia Pacific of Calypso Technology, Inc. comments, “Asia Pacific is an important region for Calypso, and its diversity in terms of customer needs and government regulation requires dedicated expert resources. China’s derivative regulatory landscape is undergoing important changes and Calypso provides the most scalable and reliable solution for this shifting requirement. Our increasing client base is a testament to our capabilities.”

Charles Marston, Chairman and CEO of Calypso Technology, Inc., says, “Calypso is truly a global company and a core part of our vision is to continue expanding our reach. We need to be where our clients are based in order to deliver them the highest level of service and support. This is why we allocate top-notch resources to regions such as Hong Kong, where we are working with leading global financial institutions. 2009 has been another year of success for Calypso and we continue to seek out new and exciting opportunities for growth.”

Calypso Technology Acquires Leading Treasury Solution Provider

• Firm continues to invest to meet growing demand from corporate treasurers

SIBOS, Hong Kong, September 16, 2009 – Calypso Technology Inc, a leading global provider of an integrated trading application suite to the capital markets industry, today announced that it has acquired Green River Computing Services Inc., a leading treasury software development firm. Green River’s software product, known as Orbit, will be integrated into Calypso’s existing platform, and Green River’s founder and CEO, Dan Farrand, will be joining Calypso’s Treasury Project Management team as Director, Cash and Treasury Management. The terms of the purchase transaction were not disclosed.

At its inception, the Calypso Trading and Risk Management Platform was designed for banks, asset managers and other capital market institutions. In recent years, however, the firm has experienced increasing demand from corporate treasurers for solutions that better coordinate their financial hedging and funding activities, provide cash visibility across the enterprise and help them analyze bank counterparty risk. Specifically, this group has turned to Calypso for integrated risk, cash and liquidity management software. With the Orbit integration, Calypso will be able to offer clients a cost-effective, cross-functional treasury management solution that provides cash management, trading and risk management functionality, all on one integrated Calypso platform.

Charles Marston, Chairman and CEO, Calypso Technology, said: “Dan has built an impressive business based on his knowledge and understanding of the issues faced by corporate treasurers. By combining Green River’s talent, products and expertise with Calypso’s already robust capital markets offering, we are making the key investments that will make us a leader in the growing corporate treasury market.”

Orbit, a successful cash and treasury management solution, was developed from the ground-up specifically to address and solve the key problems faced by corporate treasurers. It was designed to support core Treasury functions, including Cash Management, FX Risk Management, Bank Relationships and Investments. Orbit was developed in collaboration with corporate treasurers and thus has been very favorably received over traditional bank-developed solutions. Over the past decade, companies using Orbit include Cisco, Apple, KLA-Tencor and Juniper Networks.

Dan Farrand said, “Calypso’s strong software muscle, global reputation and market penetration make it a perfect firm to leverage Orbit’s historical success in the treasury markets. With Calypso, we will be able to quickly and effectively scale our offering and serve a much larger portion of the market. Calypso’s 10-year track record of stability and growth will open the doors to many new clients.”

Calypso’s Cash and Treasury Management Solution (TMS) offers:

• Improved cash visibility across the enterprise
• Full cash ledger functionality, payments and bank transactions via SWIFT and BAI
• Automated reconciliation engine between the bank statements and the In-House bank
• Foreign currency subsidiary funding and balance sheet hedging
• Cross-asset class trading, hedging and investments with the full front, middle and back office capabilities for FX, Money Markets, Interest Rate Derivatives and Fixed Income Counterparty exposure monitoring, Limits and Market Risk management
• Compliance with evolving accounting standards such as FAS 133 / IAS 39 for hedge accounting.

Charles Marston continued, “Corporate Treasury is a strategically important business for us, and we will continue making investments in this area to ensure that our clients have access to the best thinking and most innovative solutions in the market.”

Calypso Integrates Andrew Kalotay’s Financial Libraries to Provide Market-Standard Fixed Income Analytics

San Francisco, CA, July 28, 2009 – Calypso Technology, Inc, a global application software provider of an integrated trading and risk management application suite to the capital markets industry, today announced that it has integrated BondOAS™, a market standard in callable bond analytics, from Andrew Kalotay Associates, Inc. The partnership expands the automated functionality of the cross-asset, front-to-back office Calypso platform.

BondOAS™ allows the Calypso Trading and Risk Management Platform to accurately and quickly value fixed rate, step-up coupon and amortizing bonds with embedded calls and puts. Andrew Kalotay Associates is a recognized leader in capital markets analytics for their proprietary models, which produce accurate results with excellent computational speed. Calypso's integration of BondOAS will allow these market standard analytics to be used in all Calypso features including pricing, P&L analysis, risk measurement and management. BondOAS produces option-adjusted spread (OAS) given price or price given OAS, along with risk measures such as effective duration, convexity and DV01 that are instrumental in comparative valuations and hedging.

"In the current turbulent markets where speed and transparency are key, bond traders and risk managers need a reliable cross-asset platform for trading, powered by well-tested, widely accepted models. We are excited to have partnered with Andrew Kalotay to provide seamless access to market standard analytics," states Pieter Hamman, Vice President, Business Development, Calypso Technology. "Providing connectivity to leading market standard providers is an important part of our support for our customers’ objectives to achieve automated end-to-end processing."

"We are very pleased to be working closely with a market leader, Calypso Technology, to provide streamlined integration with our analytics," comments Andrew Porter, Managing Director, Andrew Kalotay Associates.

About Andrew Kalotay Associates, Inc.
Andrew Kalotay Associates, Inc. is a leading provider of high-precision, high-speed fixed income analytics and debt management advisory services. AKA’s clients include banks, trading and risk management software vendors, data service providers, rating agencies, asset management firms, as well as fixed income exchange traded fund (ETF) sponsors. The firm is soon to receive a patent for its CLEAN™ MBS valuation and prepayment model.

Eurex Clearing Partners with Calypso for OTC Derivatives Central Clearing

• Eurex Clearing Partners with Calypso for OTC Derivatives Central Clearing
  Eurex Clearing to launch Eurex Credit Clear, its central clearing solution for CDS to industry
• Calypso Technology provides leading technology for trade and risk management processing in OTC derivatives

San Francisco, CA, July 24, 2009 – Calypso Technology, Inc, a global application software provider of an integrated trading and risk management application suite to the capital markets industry, announced today that Eurex Clearing, Europe’s largest clearinghouse, has partnered with Calypso Technology to support the firm’s new central clearing service, Eurex Credit Clear, for OTC credit default swaps (CDS).

Dr. Thomas Book, member of the Eurex Executive Board responsible for clearing explains, “We are always looking for innovative ways to expand our central clearing offering and leverage our risk expertise with powerful technology solutions. We are confident that together with the Calypso application we will offer a sound, reliable and flexible engine to deliver central clearing initially for credit derivatives and subsequently also for further OTC traded asset classes.”

As the industry moves toward reducing counterparty risk through centralized clearing, Eurex Clearing has remained at the forefront of this movement as a leading provider of central clearing for OTC derivatives. Eurex Clearing acts as the central counterparty by becoming counterparty to every transaction, netting gross market risk and margining open positions to mitigate counterparty risk. Its new OTC derivatives clearing service improves market stability on a global scale – enhancing transparency and regulatory reporting as well as reducing systemic risk for the financial market as a whole.

The implementation of the Calypso-based solution was completed in less than four months, leveraging Eurex Clearing capabilities as well as Calypso Professional Services and Calypso Fast-Track, a market standard solution aimed for controlling the costs, risks and timelines associated with implementing new trading and risk applications. Eurex Clearing completed full implementation in March 2009 and is running the service simulation with more than 20 potential clearing members. Market launch will take place by July 31st 2009, to support the implementation of the industry self-commitment given by nine major market participants to the European Commission to use a European CCP for European CDS products.

The initial product scope covers a European CDS product suite of the iTraxx® Benchmark indices and 17 single name iTraxx® index constituents from the utility sector. In a next step, further European single names will be added to provide full coverage of the iTraxx® Benchmark index constituents. The Calypso application acts as the underlying technology supporting the clearing service for CDS.

In addition, Eurex Clearing developed a risk management solution specifically tailored to the requirements of OTC CDS clearing, which is based on the Calypso ERS Risk module – an approach that accounts for the specific risk characteristics of individual CDS Index and CDS products. It applies sophisticated, market-proven risk analytics (an incremental risk check service) to determine whether a trade should be accepted for central clearing. Eurex Clearing plans to expand the risk management services to additional asset classes over time according to market demand.

Dr. Book, Eurex Clearing, adds, “With the fast implementation of the Calypso application, we have been able to respond quickly to market and regulatory demands to provide a central clearing service for OTC derivatives. The Calypso based solution provides us with additional advanced risk management capabilities supporting our state-of-the-art risk margining methodology as well as market standard pricing models; not just for credit but covering all asset classes.”

Charles Marston, CEO of Calypso Technology, says, “Eurex Clearing is our first client to deploy the Calypso software system to support the launch of an exchange service. We’re very excited to be working with Eurex Clearing on this groundbreaking new development for the derivatives market. We remain at the forefront of innovation for the derivatives market and are partnering with leading market participants to help usher in a new era in derivatives trading.”

About Eurex Clearing
Eurex Clearing is the largest European Central Counterparty and one of the world’s leading clearing houses offering central counterparty services for instruments traded on Eurex, Eurex Bonds and Eurex Repo as well as the Frankfurt Stock Exchange (Xetra® and floor trading) and the Irish Stock Exchange. Central counterparty clearing services provide effective risk management and strengthen financial market integrity. Eurex Clearing is a wholly owned subsidiary of Eurex Frankfurt AG and is jointly operated by Deutsche Börse AG and SIX Swiss Exchange.

Calypso Releases Version 11 to Support Changes in Financial Services Industry

• V11 includes powerful enhancements to front-office with a focus on real-time risk management and improved cross-asset functionality

San Francisco, CA, July 15, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced the release of Calypso Version 11 (V11) of the firm’s trading and risk management platform. The new version provides refined repackaging, consolidation and rationalization of Calypso’s existing and new functionality. Highlights include major enhancements to front office support, real-time risk management and expanded product coverage.

Calypso provides a leading cross-asset, front-to-back office system used by global banks, investment managers, hedge funds, insurance firms and corporates for managing derivatives and treasury products. Calypso V11 was developed to address industry challenges for real-time decision support and coordinated risk functions as well as the need to cope with increasing volume of flow business and associated increases in trade events.

“As the financial services industry undergoes a paradigm shift, we are releasing this much anticipated version of our platform in order to help our clients remain ahead of the curve,” says Charles Marston, CEO of Calypso Technology, Inc. “Financial institutions today are focused on improving risk management and increasing efficiency, performance and scalability to meet cost reduction objectives. We developed V11 with these requirements in mind and are working closely with our clients across the globe to ensure they meet these goals.”

V11 addresses industry challenges with extensive front-office enhancements to deliver real-time integrated risk and P&L, plus straight through processing functionality to manage the challenges of increased trade volumes. V11 has expanded product coverage across asset classes and enhanced overall system reliability and performance. By leveraging V11, clients will benefit from faster, more integrated end-to-end processing, quicker access to information for real-time decision support, and the ability to transform trade ideas into trades captured and executed.

Specific enhancements include:

• Powerful new cross-asset P&L functionality: to meet the varied needs of traders and controllers, the latest enhancement is a formula-based approach that enables intraday P&L monitoring based on user specifications and complete measures for official reporting. Users can select from out-of-the-box P&L measures across asset classes, or from customized sets of marks to analyze different organizational objectives. Additionally V11 offers P&L lockdown and adjustments with full audit
  
• Front office enhancements: Calypso Workstation has been enhanced to provide positions, risk, P&L, market data and trading all in one screen. Customers can also now use out-of-the-box market standard risk analysis, view configurations, conduct ‘what-if’ trade and market data simulations, and control the majority of the analysis through Calypso Workstation.
  
• Risk Designer: Real-time risk analyses have been integrated into Calypso Workstation, enabling users to create simulations as well as conduct sensitivity and cash flow analysis using a simplified and intuitive approach.
  
• Enhanced asset class coverage: Calypso provides a revamped front-end option pricing and trading screen for equity derivatives. This benefits from an updated option pricing framework that leverages the eXSP payoff language designed to let users define a wide range of options using standard models or their own payoff strategies. The Calypso FX Option solution uses the enhanced Pricing Sheet where traders can create custom packages and structures.
  
• Improved performance and scalability: Calypso has benchmarked its solution to ensure optimal reliability and performance to meet and exceed customer requirements and market demands. Calypso has also been enhanced to handle high trade volumes, providing coverage for all market standard product types.
  
• Back office enhancements: Calypso has enabled functionality for automated electronic novation support. It has also enhanced the collateral management product, including default access to collateral blotter and additional data on reports. Calypso Hedge Accounting has also been expanded to offer more flexible hedge definitions with clear indication of Hedge Strategy and Relationships in addition to more comprehensive fair value measurement.

Gerard Rafie, Senior Vice President of Product Management, Calypso Technology, Inc., says, “V11 captures the spirit of Calypso’s product strategy and evolution. We have always focused on expanding the platform’s product breadth and functionality while still delivering top performance, a fluid user experience, and flexible, easy implementation. We continue to expand the platform and remain dedicated to offering our clients the richest, most robust solution available in the industry today.”

Standard Bank International Goes Live with Calypso for Cash Management

• Centralized cash management platform improves efficiency
• Innovation in securities settlement brings competitive advantage

San Francisco, CA, July 6, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, announced today that Standard Bank International, a leading emerging markets bank with operations throughout the world, has gone live with the Calypso system for cash management. In addition, the bank has already started expanding usage of the Calypso platform by adding securities processing capabilities.

Standard Bank International has adopted the Calypso platform as a centralized solution for the firm’s London cash management business. The Calypso cash management solution manages the bank’s cash flow projections in real-time and users are able to monitor and explain balance composition. Peter Hosier, Head of Operations, International at Standard Bank, comments, “With the Calypso system, we have been able to implement a number of control levels to reduce operational risk and address our compliance needs in a more effective manner. At any given point in time, a senior manager is able to view the bank’s cash positions on a consolidated level.”

Standard Bank International is looking to further consolidate its back-office operations by adding securities processing to the Calypso platform. By reducing the number of systems and interfaces being used, the firm will benefit from significant cost savings as multiple asset classes are supported by the Calypso system. The centralized approach improves operational efficiency and reduces operational risk as processing is focused on managing exceptions according to a pre-defined set of controls.

Hosier adds, “The Calypso solution is a perfect match for Standard Bank International’s ambition to bring innovative products to the market which has always been our competitive edge. As an example, we have worked with Calypso on a greenfield development to provide key functionality for TRAX2 reporting and matching as well as Tri-Party Repos.”

Charles Marston, CEO of Calypso Technology, says, “Standard Bank International is another example of a client where our relationship has evolved over time to cover multiple products and business areas, all supported on the Calypso platform as the foundation for the firm’s infrastructure. Our successful partnership with Standard Bank International is rooted in our ability to support the bank’s ambition to enter new emerging markets while adopting advanced technology. We are committed to working closely with clients to deliver innovative solutions.”

About Standard Bank International
Standard Bank is a leading African banking group focused on emerging markets globally. The Corporate & Investment Banking division provides banking, finance, trading, investment, risk management and advisory services to larger corporates, financial institutions and international counterparties in developing economies around the world.

Mitsubishi UFJ Trust and Banking Corporation (MUTB) Goes Live on Calypso

• Leading Japanese institution benefits from enhanced risk monitoring and system consolidation

Tokyo and London, June 17, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, announced today that Mitsubishi UFJ Trust and Banking Corporation (MUTB) has gone live with the first phase of the Calypso Trading and Risk Management Platform. The offering delivers consolidated front-to-back office and cross-asset management across a broad range of financial instruments.

MUTB was seeking an integrated solution that would enable consolidation of its existing in-house front office and outsourced middle office infrastructures into one core system. After a thorough selection process, MUTB selected Calypso for its front office trading, middle office risk management and back office processing capabilities, and immediately began working with Calypso’s product management and engineering teams to implement the first stage of this multi-phase global project. With Calypso, MUTB will now be better able to maintain real-time risk and exposure, to standardize business process flows, and to automate and reduce manual operations in order to improve efficiency and reduce costs.

MUTB commented, “We are pleased with the level of support Calypso Technology has provided and the resources they have dedicated to us. Our close working relationship was a key factor in helping us to get up and running quickly, within set time frame and budget. After successful completion of the first stage in London, we are looking forward to working with Calypso in the next phase of our project, in New York.”

Sean McDermott, Vice President, Asia-Pacific, Calypso, added, “We’re extremely pleased to be working with a leading firm such as MUTB who have the vision to leverage our solution in order to achieve enterprise-wide cost reductions and efficiencies. It is through strong partnerships such as this one that Calypso can offer the best possible ROI for our clients on their IT investment.”

About MUTB
Mitsubishi UFJ Trust and Banking Corporation is the trust banking arm of the Mitsubishi UFJ Financial Group, the Japanese financial services group headquartered in Tokyo, Japan. Mitsubishi UFJ Trust and Banking Corporation resulted from the merger of The Mitsubishi Trust and Banking Corporation and UFJ Trust Bank Limited on October 1, 2005. The organization vows to establish a reputation as the highest-quality trust bank in Japan, as well as the largest. MUTB has 85 branches in Japan and seven overseas.

Macquarie Group Live on Calypso

Tokyo, June 01, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, announced today that Macquarie Group Limited is now live on the Calypso trading and risk management platform for loans and deposits front-to-back office and cash management.


To assist Macquarie, Calypso has added functionality to support call accounts – this was developed as part of the ongoing strategic partnership between Calypso and Macquarie. Following the first go-live, Macquarie now uses Calypso’s real-time intra-day cash position monitoring and snapshots with drill-down to individual flows and reporting on specific base currencies. Macquarie also utilized Calypso’s Health Check performance diagnostic services to ensure the system was running at the optimum level prior to go-live. Despite the complexity of the first phase of the project it was completed in 12 months.


Charles Marston, Chairman and CEO of Calypso Technology, says, “The Macquarie project is complex, yet the coherence of the working relationship between Calypso and Macquarie has ensured that we continue to share their strategic vision. We are delighted that Calypso is now live, and that this has been achieved within planned timeframes.”

BEC Selects Calypso

• Calypso system to provide consolidated capital markets platform for multi-banking operations
• Calypso continues expansion in Nordic region

San Francisco, April 30, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced that Bankernes EDB Central (BEC), a bank-owned provider of technology to financial institutions operating in Denmark, has selected both Calypso’s front-to-back, cross-asset, derivatives trading solution and enterprise risk management solution. By selecting the Calypso system, the firm plans to replace its existing in-house developed systems and provide enhanced support to the 68 financial institutions which are owners of BEC.

“We were looking for a modern platform that could support trading, risk management and operations across multiple asset classes and meet the increased demands for derivatives trading from our member banks. The Calypso system met the above requirements within one consolidated platform and, importantly, supported our multi-banking operations service where each member bank has unique requirements,” says Kurt Norrisgaard, Director, BEC.

Upon completion of the phased implementation process, BEC will have a complete front-to-back office, cross-asset trading solution, which will act as the core capital markets system supporting the firm’s IT services for its owner banks and customers. The Calypso system will be implemented to allow pricing and trade capture in the front office; limit management and market risk in the middle office; and settlements, payments, trade matching, accounting, reporting, collateral management, cash and securities management in the back office.

Norrisgaard adds, “By selecting the Calypso system, BEC will be able to offer a superior service. The Calypso solution creates opportunities for increased revenue potential as we will be able to expand our services, respond quickly to demand for trading new products and meet new regulatory requirements for risk management. Our owner banks and customers will benefit from a consolidated straight-through-processing platform.”

“Calypso’s architecture is designed to enable BEC to support the unique requirements of different member banks and respond to ever increasing demands placed on an institution’s risk management process and infrastructure when trading derivative products,” says Charles Marston, CEO, Calypso. “BEC represents a new and very interesting customer segment for us, as the Calypso system is deployed to offer third-party services to the financial industry. We are extremely pleased to be working with BEC and look forward to continued growth in the Nordic region,” he added.

About BEC
BEC is a cooperative of 68 Danish financial institutions – providing IT systems and services for its owner banks and customers in Denmark. Core competence is development and support of software solutions to the financial industry. BEC is a full service centre providing outsourced IT solutions (outsourced IT department for the member banks).

Calypso Releases CDS Fixed Coupon Support for CDS Big Bang

• Calypso Trading and Risk Management Software Update for ISDA 100/500 CDS Contracts

San Francisco, April 7, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced the release of a software update to support the new Standard North American Corporate (SNAC) credit default swap (CDS) contract, scheduled to launch on April 8th this year. Calypso has swiftly introduced this critical functionality in advance of this major market event, another in a string of first-to-market achievements for Calypso in the world of credit trading technology.

On April 8th, the new SNAC convention transforms single name CDS trades into financial instruments with trading, quoting and settlement characteristics similar to those of bonds and CDS indices, making the trades fungible with each other. Per the new convention, investment grade names will trade with a fixed coupon of 100bps and high yield names will trade with a fixed coupon of 500bps.

“This is a monumental change in the world of credit derivatives, when you consider that credit default swaps are the building blocks for all synthetic credit trading. As a result, the new convention has a wide-ranging impact on organizational trading business and workflow and consequently on any trading system,” states Shailendra Methi, Senior Product Manager at Calypso Technology. “The creation of fungible CDS trades is a crucial step toward efforts to standardize the CDS market, institute central counterparty clearing for credit derivatives and help clean up systemic risk.”

The software update encompasses all areas of credit trading including trade capture, pricing, market data, risk analysis, settlement and clearing. The enhancements include:

• Trade capture using SNAC conventions (Fixed Coupon, Full Coupons)
• Calculation of upfront fees: Using the ISDA standard model
• Yield curve: Interface with Markit to automatically update this curve on a daily basis
• Termination: Unwind by specifying conventional spread or upfront
• Risk analysis: Convert all the names to conventional spread and upfront to compare
• Credit event processing: Enhanced to take care of rolling Credit event date

This new release from Calypso prepares market participants for the Big Bang on April 8th, enabling a seamless transition to the new convention.

Calypso maintains a position as being first-to-market in introducing innovations for the credit derivatives market. For example, the firm was first to support advances in the credit derivatives industry including, but not limited to:

• Integrate with Markit RED (reference entity database) which has become the industry standard identifier for reference entities
• Incorporate credit event processing changes announced by ISDA
• Support PAUG soft credit events for CDS on asset-backed securities and integrate with the market standard protocol Markit RCD (Reference Cashflow Database)
• Release a random recovery model to price the senior tranche of synthetic CDOs

“By providing clients with the required functionality in advance of the Big Bang event, the Calypso software is designed to enable Calypso clients to input their trades in a clean, persistent manner, as opposed to resorting to deploying workarounds that might be difficult to migrate to future versions of our software,” states Methi.

Calypso Technology’s product development and commercial success in providing credit trading solutions has received accolade and recognition from major industry associations and journals. Among other recognitions, it has been consistently ranked as the #1 front-to-back credit trading system by Risk Magazine for the last three years running.

Nordea goes live with Calypso

• Leading Nordic bank goes live with the Calypso system for Consolidated Securities Processing

San Francisco, March 23, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced that Nordea, a leading Nordic bank, has gone live with their first phase of Calypso Trading and Risk Management system for consolidated securities processing and settlements.

Nordea was seeking a solution to enable consolidated securities flow across Nordea’s offices in the Nordic region. In addition to fixed income and equities back office support, the Calypso platform offers Nordea a flexible infrastructure and sophisticated workflow-based exception handling capabilities which will significantly improve the bank’s straight through processing rates. By implementing the Calypso system centrally and with the first go-live in Sweden, Nordea now has a solid foundation for rolling out the Calypso platform across the bank’s offices in Finland, Denmark and Norway.

Peter Lunding, Business CIO Capital Markets Products, at Nordea, says, “We have been working very closely with Calypso Technology to create a best practice operating model for Nordea. We got up and running quickly, within set time frame and budget. We are pleased with the level of support Calypso Technology has provided and the resources they have dedicated to us. The Calypso system is a cornerstone in streamlining the securities flow across all our offices in the Nordic region and having a flexible infrastructure upon which we can grow and expand.”

“We continue to see strong demand in the Nordic region and we’re extremely pleased to be working with a leading firm such as Nordea to enhance our product to meet the increasingly sophisticated requirements of this growth area,” says Charles Marston, CEO of Calypso.”

About Nordea
Nordea’s vision is to be the leading Nordic bank, acknowledged for its people, creating superior value for customers and shareholders. Nordea is enabling their customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 10 million customers, approximately 1,400 branch offices and a leading net banking position with 5.1 million e-customers. The Nordea share is listed on the OMX Nordic Exchange in Stockholm, Helsinki and Copenhagen.

Commissioned Study Conducted by Independent Research Firm Discovers ROI of 227% for Bank Using Calypso

• Independent research firm examines the financial impact of Calypso on one of the largest U.S. banks
• Study reveals significant financial benefits including cost savings in labor and infrastructure

San Francisco, CA, March 17, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced the findings of a commissioned study conducted by Forrester Consulting titled, “The Total Economic ImpactTM of Calypso Trading and Risk Management Platform.” Forrester performed a detailed cost/benefit analysis of the implementation and use of Calypso’s solutions over a five-year period. The subject of the study, one of the largest bank holding companies in the U.S. with assets over $800 billion, experienced financial benefits with a total return on investment (ROI) of 227%.

The bank profiled in the study is using the Calypso system across a number of business areas in the firm. Specifically, the study focused on the implementation of Calypso’s back office platform for a wide range of instruments including commodities, interest rate, and balance sheet derivatives (e.g. interest rate swaps) with development underway to include structured credit and equity derivatives in a central derivatives back office environment.

Among other benefits documented in the study, the bank was able to consolidate formerly separate back office processing and technical teams and in turn, experience considerable cost savings. Furthermore, efficiency and a high level of STP were noted as some of the key achievements. Examples include rule-based automated reconciliation of the accounting and other data in real-time, and being able to issue client invoices automatically over the web. There are no longer any capacity constraints as the processing is product-agnostic. The solution scales in line with business growth without needing to add headcount or new systems to support the trading of additional products. According to one interviewee, “the more products that we’re putting through this central back office platform, the more consolidated a view we’re able to give to our customers.”

“We’re turning off all the other [back office software] license fees, [reassigning] all of those applications people, turning off hardware costs, maintenance costs, etc,” said a senior vice president of the Corporate Investment Bank Technology Group at the bank. “Those costs just go away.”

The study’s analysis utilized Forrester’s Total Economic Impact (TEI) methodology, which measures costs, benefits, risk and flexibility, along with detailed interviews with the bank’s executives. The benefits outlined by the report include:

• ROI – The risk-adjusted ROI for the bank is 227% with a payback period of 22 months after deployment
• Benefits – Principal benefits to the bank include cost savings in direct labor, technical support, infrastructure, and software license costs made redundant with the deployment of the Calypso platform. Total benefits over the five-year period sum to $17.6 million (risk-adjusted, present value)

Charles Marston, CEO of Calypso, says, “We have always been and continue to be committed to delivering ROI for our clients. The findings of the commissioned study conducted by Forrester Consulting are evidence of this commitment and we look forward to helping financial institutions grow their businesses while still reducing costs and increasing efficiency.”

Calypso acquires Galapagos

• Evolutionary computing platform to bolster Calypso’s front office analytics and risk management offerings

San Francisco, CA, February 26, 2009 – Calypso Technology Inc, a leading global provider of an integrated trading application suite to the capital markets industry, today announced that it has acquired Codefarm’s portfolio construction and management platform known as Galapagos. The terms of the purchase transaction were not disclosed.

Charles Marston, Chairman and CEO, Calypso Technology said: “Galapagos is an excellent addition to the Calypso portfolio. There are clear synergies from this transaction, including an expected strong and seamless cultural fit among the staff, and a unique opportunity to leverage our combined talented resources to develop innovative solutions that relieve market pain – particularly in the areas of restructuring and capital efficient risk mitigation in the credit markets.”

Galapagos, which took approximately 50 man-years to develop, represents the successful application of the academic concept known as evolutionary or genetic algorithms to the intractable optimization problems inherent in the world of structured credit. It enables arrangers, managers, risk professionals and investors to explore the efficient frontier of risk and return. The service is in use in the front office of many of today’s leading financial institutions. Calypso Technology will now leverage Galapagos for its existing product and service offerings and continue to expand its application within the capital markets space.

Codefarm founder Jeremy Mabbitt assumes the role of VP of Technology for the new Galapagos business unit while John Mooren and Steve Gibson are appointed as General Manager and VP of Sales, respectively. The base for Galapagos research and development remains in Brighton, England. “We are very pleased to be joining forces with Calypso Technology. The firm has a solid understanding of the Galapagos offering and the marketplace. We are already expanding the Galapagos platform into new markets,” stated John Mooren.

Charles Marston added: “In our analysis of Galapagos, we concluded that the wide applicability of this unique technology made it an excellent fit with Calypso’s all-encompassing trading and risk management platform. We look forward to applying the evolutionary computing of Galapagos to its full potential – what better way for us to mark the bicentennial of Charles Darwin’s birth!”

Calyon Implements Calypso for Cash Management

• Prominent investment bank expands Calypso support across back office suite

San Francisco, February 17, 2009 – Calypso Technology, Inc, a global application software provider of an integrated trading application suite to the capital markets industry, announced today that Calyon, Credit Agricole group's (Euronext: ACA) corporate and investment banking arm, has implemented the Calypso system for cash management. This latest addition further enhances Calyon's usage of Calypso's Back Office solution.

With the adoption of the Calypso system for cash management, Calyon is able to subscribe to cash flow projections on an enterprise basis and monitor cash positions in real time, explain transfer histories, monitor and correctly modify positions when an amount received does not match specific projections. By leveraging the Calypso platform, Calyon will be able to address the firm's functional and compliance needs on a global scale. The Calypso cash management solution will manage cash flow projections coming from all Calypso and non-Calypso back office systems used by the bank.

Calypso has been one of the primary strategic back office system providers for Calyon since 2000 and is still today one of the main back office platforms of Calyon, the commercial and investment bank of Credit Agricole group. Today, the Calypso system is accessed by 200 users as a true multi-entity, multi-currency and multi-time zone platform spanning across sixteen Calyon financial centers including London, Tokyo, Mumbai, Hong Kong and South Africa as well as at the bank's headquarters in Paris.

Fréderic Coudreau, Global head of Capital market Operations of Calyon says, "We are pleased to expand our strategic partnership with Calypso Technology. The Calypso solution has enabled us to automate and consolidate back office operations on a global, enterprise wide basis for multiple treasury and forex assets. Calypso Technology's partnering approach has helped our firm remain ahead of the curve by evolving our technology to support our business needs and to achieve our goals."

Charles Marston, CEO of Calypso Technology, says, "Calyon has been a long-time client of ours and our expanding relationship with the firm is a testament to the strength of our back office solution suite. We hold this partnership in high regard and continue to remain dedicated to providing solutions which best fit Calyon's needs as they grow."

About Calyon
Calyon is the Corporate and Investment Banking arm of the Crédit Agricole Group.

With more than 13,000 employees in 57 countries, Calyon offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking.

The Corporate and Investment Bank is structured around four major divisions: Corporate and Investment Banking, Equity Brokerage and Derivatives, Fixed Income Markets and Structured Finance.

Calypso Achieves Eighth Consecutive Year of Double Digit Growth

• More than 12 financial institutions go-live with Calypso in Q-4
• Firm continues global expansion with office opening in Copenhagen

San Francisco, February 11, 2009 – Calypso Technology Inc, a global application software provider of an integrated trading application suite to the capital markets industry, today announced that the firm achieved record growth in 2008. This is the eighth consecutive year of double‐digit growth for the firm, with more than 30% revenue increase over the same calendar year in 2007. Since 2002, the company has achieved 59% average annual revenue growth accompanied by consistently strong double‐digit margins.

Notably, the firm enjoyed a strong year‐end. In the fourth quarter alone, more than a dozen financial institutions across the EMEA, APAC, and Americas regions went live on the Calypso platform, either with new implementations or upgrades. These include:

• ASB Bank
• Calyon
• Fortis Bank
• Investec Bank
• nabCapital
• Nordea Bank
• Rabobank
• Rand Merchant Bank
• Standard Bank of South Africa
• Société Générale NY
• United Overseas Bank
• VTB Capital
• Westpac Banking Corporation

To reduce implementation time and cost, Calypso has continued its investment in Calypso Fast‐ Track. This market best practice implementation of Calypso with its related tools has reduced customer implementation times and serves as a valuable training tool. Another substantial benefit for customers has been the increased availability of Calypso integration professionals resulting from the firm’s emphasis on partnerships with leading consulting firms such as IBM, Accenture and Bearing Point.

New customers added in 2008 include Nordea, DeSari Capital, Marshall and Ilsley, VTB Capital and Pamplona Capital Management. Overall, Calypso added 15 new customers, and renewed and extended licenses with more than 20 existing customers. The strong customer commitment to the product was reinforced through record attendance levels at multiple customer events held in New York, San Francisco, London, Sydney and Tokyo.

Calypso continues to dedicate substantial resources to customer support initiatives and product innovation; to this end, headcount increased by 16%. The firm’s global expansion included the opening of its Copenhagen office, further establishing Calypso’s leadership in the Nordic region. The firm now has 11 offices around the world in key financial centers, including San Francisco, London, New York, Paris, Frankfurt, Tokyo, Sydney, Johannesburg, Singapore and Mumbai. In addition, special focus is being given to the Greater China region with the creation of a Hong Kong based sales presence in the latter half of the year.

Charles Marston, CEO of Calypso, says, “In what was a challenging year for the financial industry, Calypso was able to make 2008 yet another successful year for the firm. Important achievements included the launch of Calypso SaaS, the increasing success of the Calypso Fast-Track implementation tool, and our expanding buy‐side customer base. Our growth stems from our dedication to helping our customers succeed by providing them with an industry‐leading solution. We look forward to continued successful partnerships with our customers in 2009.”

“Current economic conditions aside, Calypso, with a diversified customer base and its strong balance sheet characterized by robust capital reserves and the absence of debt, is well positioned to continue its growth into 2010 and beyond. Moreover, its product suite is ideally suited to address the prevailing liquidity, risk management and technology consolidation issues facing the financial sector today,” states Frank Fanzilli, Jr., Calypso lead independent Board Director.

Calypso Recognized as Industry Leader in 2008

• #1 in Front-to-Back Office Credit Trading and Structured Products by Risk Magazine

San Francisco, CA, January 28, 2009 – Calypso Technology Inc, a leading global provider of an integrated trading application suite to the capital markets industry, today announced its continued recognition by the financial services industry in 2008 through rankings produced by notable publications including Risk, Financial News and American Banker, as well as Chartis Research. These rankings and polls, produced by and for market participants, underscore Calypso’s leadership position within the vendor community and highlight the firm’s commitment to excellence.

Calypso offers a cross-asset, front to back office trading and risk management platform to financial institutions across the globe. In the last year, Calypso has helped banks and investment managers meet the challenges of the global credit crisis by reducing financial and operational risks, and seamlessly handling the increased transactional volumes generated by credit events.
In recognition of the firm’s accomplishments, Calypso was ranked #1 in several categories in Risk Magazine’s 2008 Technology Rankings. Specifically, the firm topped the front to back office categories for credit and structured products. The Risk poll surveys banks, hedge funds, pension funds, insurance companies and corporate treasuries for these rankings. Calypso was also ranked 1st in the credit trading systems (front to back office) category in the AsiaRisk Technology Survey 2008.

Other noteworthy recognitions in 2008 include:
The Financial News’s annual list of top 21 innovative information technology firms noted that Calypso’s launch of Calypso Fast-Track occurred at the same time “when risk was climbing up the agenda of every financial institution”.

Chartis Research ranked Calypso in the top 20 technology vendors for risk technology. Chartis’ rankings are based on the research firm’s review of core technology, organizational strength, customer satisfaction, market presence and innovation.

American Banker’s Annual FinTech 100 – a revenue ranking designed to provide insight into where financial services firms are investing, included Calypso as a top 75 application/service provider to the financial services industry.

“We are pleased to continue receiving prestigious industry recognition. These rankings highlight the successful partnership we have with our customers, as well as Calypso’s dedication to keeping pace with the evolving derivatives market and incorporating the latest developments into our solutions,” commented Charles Marston, Chairman and CEO, Calypso Technology.

Risk Management and OTC derivative systems to be key in 2009, says Calypso survey

• 61% of respondents are actively looking to improve their risk management systems
• 49% of respondents are working to improve processing of OTC derivatives
• 56% of respondents are going to decrease their IT spend in 2009

London, UK, January 12, 2009 – Calypso Technology Inc, a leading global provider of an integrated trading application suite to the capital markets industry, unveiled its latest survey results from their annual EMEA customer forum held in London last month. The results highlighted that respondents were concerned about improving their internal systems for risk management and OTC derivatives processing. While the majority of respondents anticipated a decrease in overall IT spending in 2009, investments in systems for risk management will take priority as integrated risk becomes increasingly important in today’s unpredictable financial environment.

Over 100 delegates, comprising representatives from 33 leading financial institutions, across seven European countries, met this month to discuss Calypso Technology’s offering which supports trading, risk management and processing for a broad array of asset classes on a single integrated platform. 39% of respondents saw reducing IT and maintenance costs as a route to reducing overall IT expenditure. System consolidation, STP and operational efficiency were some of the topics discussed during the conference in relation to reducing costs.

Rene Steenhart, Global Head of Operations at Rabobank, stated: “Since having implemented the Calypso system, we estimate that our efficiency rate has increased between 30-35% in the back office area of FX and MM processing. This has resulted in our staff being able to concentrate on further improving our customer service, something which is even more important in today’s market where Rabobank prides itself to deliver a reliable and stable AAA rated customer service.”

“Our EMEA customer conference this year highlighted that although IT spend is set to decrease next year, many firms are looking to invest in improved risk management and OTC derivative processing systems,” says Charles Marston, CEO, Calypso Technology. “This event continues to allow a forum to discuss the issues affecting the marketplace and remains an important part of Calypso’s transparent communication with our client base”.

Additional background on Calypso’s risk management solution:
Calypso Technology provides an integrated risk management approach that balances desk-level risk management and enterprise risk management on a single platform for multiple treasury and derivatives instruments. On a desk level, Calypso enables real-time risk management including a powerful scenario analysis tool allows for the perturbation of data to view the impact of market movements on P&L attribution. Traders and risk managers can drill-down for detailed risk analytics of positions by trade or by counterparty.

Calypso ERS (Enterprise risk services) is an innovative solution for risk management and delivers timely, accurate and comprehensive risk measures to a user’s desktop. Designed specifically for risk users, the solution provides the tools to effectively monitor and understand the complexity inherent in global capital markets. For example, CFOs and risk managers can view the current snapshot of all key risk measures with drill-down and roll-up capabilities to quickly identify areas of concern and explain the source of risk.

Calypso ERS can be used as a standalone firm-wide risk management system, or in conjunction with the Calypso Trading and Risk platform as a complete risk package that deftly integrates desk-level risk management with the objectives of the enterprise. Calypso ERS seamlessly integrates with other providers of risk data and analytics to consolidate cross-asset, global risk exposures.