Singapore Exchange successfully launches Asia’s first Central Clearing Service for OTC financial derivatives using Calypso

Singapore, November 24, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions, clearing houses and corporate treasuries, announced that Singapore Exchange Limited (SGX) successfully launched its interest rate swaps (IRS) central counterparty (CCP) clearing service, on November 15th using the Calypso software solution. This is the first OTC financial derivatives central clearing service in Asia.

Mr Charles Marston, Chairman and CEO of Calypso Technology, said, “The partnership with SGX, a respected and innovative exchange, further underscores our deepening expertise in OTC derivatives central clearing. Through our work with SGX and other global exchanges, we continue to help bring central clearing services to financial markets around the world. We are delighted to be working with SGX and to be further expanding our presence in the APAC region.”

Mr Muthukrishnan Ramaswami, President of Singapore Exchange, added “We are pleased with Calypso Technology’s support; their active involvement in the project implementation saw the successful completion of this new service. We look forward to enhancing our relationship with Calypso Technology over the long term.”

About Singapore Exchange Limited
Singapore Exchange Limited (SGX) is Asia-Pacific's first demutualised and integrated securities and derivatives exchange. It was created in late 1999 by the merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX), and is component of the MSCI Singapore Free Index and Straits Times Index benchmarks. SGX is a leading regional innovator attracting international issuers and rapidly emerging as Asia's offshore risk management centre for international derivatives.

Calypso Technology offers OTC Clearing Service for Derivative Clearing Members

• Clearing Members can connect to multiple OTC Clearing Platforms
• Clearing Members can offer OTC Clearing services to their clients

San Francisco, October 27, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced the launch of its new OTC Client Clearing Service for derivative clearing members (DCM).

The latest product development builds on the success of the Calypso System as a clearing platform implemented by a number of clearing houses for interest rate derivatives (IRD) and credit derivatives (CDS) clearing. The company is now offering a solution for clearing members to clear and process OTC derivatives on behalf of their house and clients accounts, across multiple clearing houses.

The product is Calypso's response to the challenges that clearing members face in quickly adapting to the new central counterparty (CCP) infrastructure brought on by the global regulatory push for central clearing of all standard OTC derivative contracts. The Calypso OTC Clearing Service provides support for all trade lifecycle events of a centrally cleared transaction including:

• Connectivity to clearing houses for trades and EOD market data and balances
• Reconciliation tool for validating data provided by each clearing house
• Functions and methodology to call or replicate clearing house margins
• Tools to create clearing member specific, margining rules for client collateral requirements, as well as tools to back test the validity of these margins
• Full books and records functionality for OTC client clearing

“Our OTC clearing infrastructure for member firms dramatically reduces the time and cost required to start clearing client trades on multiple central clearing platforms, and provides the tools for clearing members to deliver value added services,” states Amir Khwaja, Director of Risk Management, Calypso Technology. Automated matching of DCM’s books with the different clearing houses enhances straight-through-processing and it eliminates manual intervention, thus enabling firms to focus on customer services. The ability to replicate clearing house margins and to perform what-if testing to identify the impact of margin on a trade prior to physical clearing allows clients to make more informed decisions about the choice of the clearing venue.

Additionally, the system provides full back-office services such as settlement and accounting, collateral management and custodian services as well as reporting.

“Calypso Technology has pioneered technology for trading and processing of OTC Derivatives for many years,” states Khwaja. “With this new solution, we remain at the forefront of business change by offering our customers a solution to not only provide clearing services for all OTC contracts, but the tools that will allow them to generate additional value for their clients.”

Calypso Technology Wins the Asia Risk Award for Technology Development of the Year

• Leading vendor receives global recognition for responsive product
• OTC derivatives clearing solution developed alongside major clearing houses and exchanges

San Francisco, October 26, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced it has won the Asia Risk Award for Technology Development of the Year with Calypso® Central Clearing, the firm’s market leading OTC derivatives clearing solution for clearing houses and exchanges. Following a lengthy and thorough interview process with clients and product developers, Calypso was selected by the publication for its innovative product and its capacity to respond quickly to new needs resulting from the regulatory changes.

In response to the challenges that market participants face in quickly adapting to the new central counterparty (CCP) infrastructure brought on by the global regulatory push for central clearing of all standard OTC derivative contracts, Calypso Technology worked closely with a number of clearing houses and exchanges to develop a software solution for central clearing and margining that matched their requirements. Core functionality of the Calypso® Central Clearing solution includes:

• Connectivity to trade affirmation platforms
• Clearing and settlement
• Margin calculations supporting multiple clearing house models
• Exchange-configured workflows
• Exchange-wide risk management
• Default management

The Calypso system has been recognised by Asia Risk for this innovation that leverages the company’s rich heritage around OTC derivatives management, modelling and processing.

The Calypso® Central Clearing product offering has been further extended to provide a solution for derivative clearing member firms. It offers one integrated solution for trade registration and management, margin calculation, credit limits, collateral management and client statements/reporting of client cleared transactions.

Sean McDermott, General Manager, APAC, Calypso, commented, “We are extremely proud to have won this award and to receive global recognition for our extensive and responsive work with the preeminent central clearing houses in the OTC derivatives product space. Calypso Technology has proven to be ahead of the curve, by designing and developing a solution that is closely aligned with the goals of financial institutions. We have already been adopted by five clearing houses and exchanges globally.”

Tokyo Stock Exchange and Japan Securities Clearing Corporation Select Calypso for CDS Clearing Service

• Calypso to manage clearing lifecycle for CDS
• Partnership brings improved transparency to OTC markets

Tokyo, October 25, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, announced today that Tokyo Stock Exchange Group (TSE), Asia’s largest exchange, has selected Calypso Technology to provide the platform for its new credit default swap (CDS) clearing service to be provided by Japan Securities Clearing Corporation (JSCC). Clearing CDS on the iTraxx Japan Index, the Calypso product will manage the lifecycle of the new clearing service for OTC CDS, as the TSE and JSCC address the market need for central counterparty clearing in Japan.

Responding to the financial crisis and the resulting global demand for risk reduction, improved transparency and operational efficiencies particularly in the OTC market, TSE and JSCC collaborated to develop a central clearing function for CDS in Japan. “Throughout the crisis, we saw increased demand from our clients for enhanced risk management capabilities and back office processing services such as settlement and payments,” comments Kei Miyazato, Head of IT Business Department, TSE. “Providing central counterparty clearing for CDS and CDS index in Japan is a much required service. Our vision is to provide a proficient, advanced market standard solution that would achieve the goal of reducing counterparty risk. In addition to Calypso Technology’s experience in successfully implementing central clearing services at other global exchanges, the firm’s market perspective and their industry know-how are important to our program.”

Leveraging the Calypso product’s configurable workflow and out-of-the-box functionality to achieve straight-through-processing, TSE will use the system throughout the full lifecycle of OTC CDS clearing: limits checking, trade matching, confirmation, messaging, margining, netting and settlement. “Calypso Technology’s ability to provide a flexible, purpose-built solution to clearing houses, while fully integrating with trade and confirmation platforms across multiple product lines, has made Japanese CDS central clearing service a reality,” comments Akio Yamashita, Head of Operation Planning, JSCC

TSE and JSCC also identified several key aspects of the Calypso platform which would deliver added value to the central clearing service. The Calypso platform offers interfaces with external trade infrastructure systems such as Mark-IT and DTCC. Furthermore, the firm can leverage the system’s award-winning back-office and comprehensive functionality, including historical VaR, cash positions, reporting, Credit Event Processing and Trade Lifecycle Processing.

Charles Marston, Chairman & CEO, Calypso Technology, comments, “This joint work between a respected and instrumental exchange and forward-looking securities clearing organization further emphasizes our applied expertise in OTC derivatives central clearing and the significant in-roads we have made in APAC. Through our work with TSE and other global exchanges, we continue to facilitate central clearing services to financial markets around the world. We are delighted to be selected by TSE and look forward to working with them as this historical landmark project progresses.”

About Tokyo Stock Exchange Group (TSE)
Established in 1949, the Tokyo Stock Exchange, Inc. is the largest stock exchange in Asia and the second largest in the world by aggregate market capitalization of its listed companies.

The Tokyo Stock Exchange Group, Inc is comprised of several subsidiaries including Tokyo Stock Exchange, Inc., Japan Securities Clearing Corporation (JSCC) and Tosho System Service Co., Ltd(TSS), TSE IT subsidiary.

About Japan Securities Clearing Corporation (JSCC)
Japan Securities Clearing Corporation (JSCC) was established in July 2002 as the first cross-market clearing organization in the Japanese securities market by Tokyo Stock Exchange, Osaka Securities Exchange, Nagoya Stock Exchange, Sapporo Securities Exchange, Fukuoka Stock Exchange and Japan Securities Dealers Association. In January 2003, JSCC was licensed as the first clearing organization in Japan to conduct the Securities Obligation Assumption business (now called Financial Instruments Obligation Assumption business) under the Securities and Exchange Law (now called Financial Instruments and Exchange Law).

JSCC unified clearing functions provided by each market until 2003 and realized improvement in the service level for customers with robust and efficient operation. From the inception, JSCC has been putting utmost priority on our risk management system to ensure safety in clearing and settlement process for domestic and global investment communities.

As it is now, Japan Securities Clearing Corporation (JSCC) provides the clearing services for all cash transactions executed at any of the domestic stock exchanges and three PTSs (proprietary trading system) in Japan, as well as futures and options transactions executed at the Tokyo Stock Exchange, Inc.

Hong Kong Monetary Authority Signs Calypso for Trading and Treasury Management

San Francisco, August 25, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, announced today that the Hong Kong Monetary Authority (HKMA), the government authority responsible for maintaining monetary and banking stability in Hong Kong, has selected the Calypso system as its full front-to-back trading and treasury management solution for processing multiple asset classes and to ensure that the Hong Kong’s reserves are managed more competitively and efficiently. The solution has been selected to provide the HKMA with the opportunity to invest in and trade across a broad range of asset classes and financial instruments, while simultaneously providing best-in-class risk management controls which will identify, monitor and manage the underlying risks in real-time.

Following an extensive evaluation process, the HKMA has selected the Calypso system as its full front-to-back trading and treasury management solution for processing multiple asset classes. Calypso’s platform will leverage functionality for a variety of front-to-back office tasks including pricing, valuation, risk management, enterprise risk, cash management, compliance, settlement and accounting.

Calypso Users Highlight Vendor Ownership of Implementation as a Critical Success Factor

• 2010 Calypso User Survey reveals implementation quality and cost control as top success factors for projects

San Francisco, August 16, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, unveiled the results of the 2010 Calypso User Survey conducted at the global customer conference in San Francisco in May. Results highlighted that firms want vendor responsibility and involvement throughout the deployment process in order to manage implementation quality and costs.

Delegates representing Calypso’s 100+ customers from leading financial institutions around the globe met in May to discuss market trends as well as how the Calypso platform addresses these trends -- through its support of trading, risk management and processing for a broad array of asset classes on a single integrated platform.

In the annual Calypso User Survey conducted during the conference, respondents indicated that vendor ownership of implementation projects was the most important factor in project success compared to the availability of implementation partners and other services. “Given current economic conditions, firms buying IT are becoming more vigilant in requiring vendors to share implementation risks,” states Kishore Bopardikar, President of Calypso Technology. “Customers want to see highly skilled vendor teams involved in the project, and not responsibility delegated to just any third-party implementation shop.”

“The results confirmed our understanding of clients’ priorities when it comes to technology projects,” continued Bopardikar. “Under the old model, customers went directly to partners for their implementation services. In the new approach, we provide customers with the reliability and predictability that they want through a managed program that combines our experts with trained partner resources. As a result, more projects of varying sizes and complexity are completed on time and on budget.”

Using the new partnering approach, Calypso has enabled more than 30 customers from around the globe from five continents to go into production or upgrade during the 2009 calendar year. This is expected to grow 15% in 2010. “In order for clients to upgrade or expand their relationships with their technology vendor, you need to foster trust: trust in your product quality and in your professional services staff to guide them through the implementation,” states Mr. Bopardikar.

Banco Espirito Santo Selects Calypso Technology for Front Office Derivatives Trading

• Leading Portuguese bank to use the Calypso trading solution for FX, Interest Rate, Credit, Equity and Commodity derivatives
• New contract signed following successful back office implementation

San Francisco, July 06, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that Banco Espirito Santo SA (BES), an international Portugal-based commercial bank, has selected Calypso Technology’s front office module to support their trading of a wide range of financial derivatives following a successful implementation of the Calypso back office solution for the bank’s FX business.

By selecting the Calypso system, BES will have a platform that will enable the bank to multiply its business capacity by offering services across multiple asset classes. The Calypso system will support the bank’s trading of cross-derivative products, including interest rate, credit, equity, FX and commodity derivatives from an integrated trading, risk management and processing platform. The Calypso system provides out-of-the-box interfacing with price information from Reuters foundation API, Bloomberg data license, Markit reference IDs and asset pricing service, as well as the DTCC.

Pedro Cruchinho, Financial Markets Senior Manager at BES, explains, “We were looking for a system that would enable us to maintain innovation, improve customer service and increase profitability. It was also important that the solution could be rolled out across numerous geographical locations that are connected and managed from our current central production environment. The relationship that we have formed with Calypso Technology affirms our strong brand image by forming an alliance with a premier partner, and will enable us to grow, expand geographically and achieve cost savings through consolidation of our system infrastructure”, he continued.

The bank is already deploying the Calypso system for back office processing and accounting for FX Spot, FX swaps, FX Forwards and non-deliverable forwards (NDF). BES is planning to add more asset classes to the Calypso back office platform later this year, with Money Markets being the first priority.

“We are extremely pleased to be working with BES, and the selection of Calypso’s front and back office modules by BES demonstrates our continued success in Southern Europe,” comments Charles Marston, CEO and chairman, Calypso Technology. “We are committed to supporting institutions that wish to sustain growth and develop both regionally and globally. We look forward to expanding our business in the region.”

About Banco Espirito Santo SA (BES)
Banco Espírito Santo SA (BES) is a Portugal-based commercial bank. Together with its subsidiaries, the Bank provides a range of financial products and services, including credit and debit cards, loans, asset management, brokerage, investment and insurance. It operates through a network of 743 branches, 29 Private Banking Centers and 28 Corporate Centers. The Bank operates internationally in Angola, Brazil, France, Germany, Spain and the United States, among others.

Calypso Technology Partners with CPqD to Expand Distribution of Calypso Products and Services in Latin America

San Francisco, June 10, 2010 — Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that it has entered into a Value Added Reseller (VAR) agreement with Fundação Centro de Pesquisa e Desenvolvimento em Telecomunicações (CPqD) to enhance the Calypso product and services offering in Latin America. Under the arrangement, CPqD will become Calypso Technology’s partner in Brazil, expanding on Calypso’s current marketing and distribution capabilities in the region.

The relationship with CPqD is an important part of Calypso Technology’s continued expansion in the Latin American market. Last year, Calypso Technology entered into an alliance arrangement with CPQi, an integration services company, to deliver implementation and related services across the continent.

The Calypso Trading and Risk Management Platform is the industry’s first integrated application suite designed from the outset to be a front-to-back office, cross-asset platform for derivative and treasury products. Global financial institutions, including banks and asset management firms, use Calypso to improve financial innovation and capitalize on ever-changing market opportunities. Calypso provides an open, modern platform that adapts to customer needs today and in the future.

“While we have an established customer base in Brazil, our partnership with CPqD enables us to further penetrate the Brazilian market,” states Carlos Patiño, Director, Business Development - Latin America, who is leading Calypso Technology’s commercial initiatives in that region.

“We are delighted to partner with CPqD. Their deep technological, financial and legislative knowledge, coupled with an extensive network in capital markets, will significantly accelerate our business development efforts in Brazil,” states Charles Marston, Chairman and CEO of Calypso Technology.

“We’re very excited to partner with Calypso Technology. Their leading global software for managing derivatives and treasury products will complement the CPqD portfolio in the financial sector,” adds Claudio Violato, CPqD Technology Vice-President. “Today, the Brazilian capital market is one of the fastest growing capital market regions in the world, and its participants require advanced trading and risk management systems such as the Calypso system to keep pace with the dramatic change and growth.”

About CPqD
CPqD is an independent institution focused on Information and Communication Technologies (ICT) innovation. The solutions developed by CPqD are used in Brazil by the leading telecommunications service providers, financial companies, energy corporations, industrial and manufacturing companies and government agencies. With 34 years of experience, CPqD employs more than 1,200 highly qualified and creative professionals, who are committed to quality and excellence. Today, CPqD develops the largest R&D program in Latin America, contributing to the Brazil’s socio-economic development and competitiveness and digital inclusion of the Brazilian society, and also delivering on the market technology products, mission-critical systems, and technological and consulting services.

Crédit Agricole CIB Goes Live with Calypso for Global Back-Office Processing

• Calypso Technology provides solution to top-tier bank for centralized global cross-asset processing

San Francisco, June 09, 2010 — Calypso Technology, Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, announced today that Crédit Agricole CIB, the corporate and investment banking division of the Crédit Agricole Group, and one of the world’s top 10 largest banks, has gone live in 23 locations across EMEA, APAC and the Americas with the Calypso system to support its global back office processing of FX, Money Market and FX derivative products.

Crédit Agricole CIB is using the Calypso system as their strategic global back-office solution for processing FX, Money Market and FX derivatives. The Calypso platform is centrally installed in Paris, providing remote access to 23 locations worldwide, leveraging functionality for workflow, back-office position management, trade confirmation, settlement and payments, cash transfers, reporting, auditing and event processing. Although the Calypso solution is installed as a single instance, the flexible architecture of the system has allowed for local adaptations of the workflow, accounting rules, reporting and interfaces.

Fréderic Coudreau, Head of Capital Market Operations, Crédit Agricole CIB, explained, “Following a successful track record of working together, we knew that Calypso Technology shared our vision and ambition of creating a truly global back office platform. Our centralized Calypso solution delivers global visibility of positions and exposure in real-time, allowing us to be in control and respond quickly to changes in the market”. Mr. Coudreau continued, “The project has enabled Credit Agricole CIB to automate and consolidate back office operations on a global, enterprise-wide basis for multiple treasury, FX and FX derivative products. In many regions our STP rate has increased to 98%, and across the board there has been a reduction in IT and operational risk. Furthermore, we have seen improved customer service through the comprehensive reporting system, which was easily adapted to meet regional requirements. Calypso Technology has delivered an impressive global platform for growth, allowing us to expand rapidly and enter new markets with ease knowing that we can meet specific local requirements through simple system configuration.”

Crédit Agricole CIB was seeking a solution which could offer an architecture that was modern, open and flexible and could cope with FX trading volatility. Equally, the platform needed to be able to process a high volume of trades and a large variety of products, offering scalability. A system that could regionally adapt to local requirements and support multi-currency trading while providing flexible workflow were also key requirements.

Crédit Agricole CIB is a long-time customer of Calypso Technology, this is one of its three installations of a Calypso system. Following the initial signing of a real time STP back-office system for fixed-income assets in May 2000, the bank decided in 2006 to extend their usage of the Calypso system to create a strategic back office platform for treasury, FX and FX derivative products to support the business’ global nature, allowing multi-currency, multi-time zone and 24/7 trading. In 2008, the bank made the decision to also use the Calypso system for global cash management after a thorough evaluation process.

“This project is a great example of how one of our customer relationships has evolved and resulted in the implementation of a Calypso solution across four continents,” commented Charles Marston, CEO and chairman, Calypso Technology. “For over a decade, Crédit Agricole CIB and Calypso Technology have built a long lasting partnership. This is testament to the quality of the systems in place, and the relationships established between those involved from both parties. We are extremely pleased by this development and look forward to working with Crédit Agricole CIB in the future.”

About Crédit Agricole CIB
Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world's ninth-largest, Europe's third-largest and France's first-largest bank on the basis of Tier 1 capital.

With around 13,000 employees in more than 50 countries, Crédit Agricole CIB offers its clients a comprehensive range of products and services in capital markets, brokerage, investment banking, structured finance, corporate banking and international private banking.

Cutwater Asset Management and Calypso Technology Partner to Deliver Innovative ALM Platform

New York, May 17, 2010 — Cutwater Asset Management, one of the world's largest fixed-income investment managers, and Calypso Technology Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced a partnership to build a unique asset / liability management (ALM) portfolio-construction solution.

The decision to develop a totally new platform design was made in response to the chaotic financial market conditions experienced in 2008 and 2009, especially those connected to funding risk and sharp volatility of returns. The result will be the creation of a strategic asset allocation and portfolio construction application designed to provide optimal trading and portfolio solutions while increasing risk awareness.

“This new application is yet another innovation from Cutwater,” said Cliff Corso, CEO of Cutwater Asset Management. "Our goal for all of our clients is to minimize risk and volatility while meeting their investment objectives - we enter into this exciting partnership with the Calypso team as part of our ongoing dedication to performance and client service.”

As part of this new platform, Calypso Technology will combine Cutwater’s forward-looking capital risk framework, the Risk Analysis Manager (“RAM”), with Calypso’s evolutionary optimization platform, Galapagos. This solution will provide a multi-faceted risk budgeting, asset allocation and scenario management platform enabling Cutwater clients to explore a wide range of optimal investment strategies. Integrating Cutwater’s risk framework into the Galapagos environment will bring a unique and innovative offering that will allow clients to model a wide range of investment objectives, funding specifications and constraints while considering forecasts over an extended time horizon.

Charles Marston, CEO of Calypso Technology, said, “Through partnering with our customers, we continue to bring innovation to new levels. We are very privileged and excited to be able to work with Cutwater Asset Management to deliver a groundbreaking portfolio solutions tool based on the Galapagos technology platform. We believe this initiative will create significant value to both parties. It shows our commitment to the buy-side, where we see enormous growth potential.”

About Cutwater
Cutwater Asset Management is a client-focused and solutions-based investment advisor focused exclusively on fixed income investments. With $43 billion in assets under management, Cutwater Asset Management ranks among the world's 50 largest fixed-income investment managers. Cutwater's model combines world-class investment expertise and risk management capabilities with exceptional client service, in-depth consultation, and extensive interaction between clients and the investment team. Our clients include state and local governments, financial institutions, pension funds, unions, insurance companies, and corporations.

Crédito Agricola Goes Live on Calypso

• Calypso Technology providing front-to-back office FX functions for leading Portuguese cooperative banking group
• Calypso Technology continues expansion in Southern Europe

San Francisco, May 12, 2010 — Calypso Technology a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that Crédito Agricola, the leading Portuguese cooperative banking group, has gone live with the Calypso system to support front-to-back office FX functions. The system has been implemented to specifically support the treasury transactions of Caixa Central, the Group’s central coordinating bank. The Treasury Department centrally manages the Group’s liquidity, operates in the money, foreign exchange and capital markets, and provides treasury and financial products to the Group’s local banks and customers.

Crédito Agricola sought a robust, scalable and complete system solution that would allow it to replace administrative procedures and reduce processing costs as well as provide functionality to improve internal control and risk management. The Calypso system delivers a fully integrated trading, risk management and processing platform to manage Crédito Agricola’s cross-product coverage. The Calypso system gives Crédito Agricola the flexibility necessary to address the Group’s evolving business needs, as well as the ability to start trading new treasury products that will be fully supported throughout the trade lifecycle. Through the Calypso platform, Crédito Agricola is able to reduce operational risk by moving away from manual work and instituting STP.

“By fully covering the products we needed and comply to the specific requirements of the Portuguese market, the Calypso system provides exactly what we need to further develop and diversify Crédito Agricola’s treasury business. The implementation of the Calypso system has allowed us to improve our processes and boost our performance,” according to Pedro Sampaio, Director at Crédito Agricola. “Further, we anticipate that the implementation of the Calypso system will bring additional value to Crédito Agricola by helping us offer our customers a wider variety of products and services while reducing costs and ensuring effective risk management control. We anticipate a cost saving in the region of 35% in our back office and administration department as we have seen our processes being fully automated.”

The FX implementation is the second of three planned implementation phases and includes support for spot, forward and swap contracts. Crédito Agricola first went live on the Calypso system in 2008 for a range of functions, including interest rate swaps and simple money market functions. Phase three of the implementation started in March 2010 and is focusing on fixed income primary bonds, repos, commercial paper and Interest Rate Futures.

Charles Marston, CEO of Calypso Technology, comments, “Calypso Technology and Crédito Agricola have already achieved great success at this point in the partnership, and we look forward to working with Crédito Agricola to complete the final phase of the implementation.” He continues, “Calypso Technology is pleased to continue its growth in Southern Europe, and Crédito Agricola is a welcome addition to our expanding client base in the region.”

About Crédito Agricola
The Crédito Agricola Group is the fifth Portuguese financial group composed by a large number of small to medium-sized Cooperative Banks and some specialized Companies - like the shared services centre CA Serviços - under the supervision of the Caixa Central de Crédito Agrícola Mutúo.

Integrating 87 Cooperative Banks and involving a network of 682 branches all across the country, the Crédito Agricola Group also holds more than 400,000 associates and more than one million of customers.

Federal Home Loan Bank of San Francisco Selects Calypso

• Award winning, state-of-the-art solution addresses essential front-to-back office requirements

San Francisco, April 29, 2010 — Calypso a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that the Federal Home Loan Bank of San Francisco (Bank), has selected Calypso Technology’s front-to-back office system to support its front office trade origination, valuation, accounting and back office processing activities. The Bank, a wholesale lender, is privately owned by its member financial institutions, which include commercial banks, savings institutions, credit unions, thrift and loan companies, and insurance companies headquartered in Arizona, California, and Nevada.

Lisa MacMillen, Chief Operating Officer of the Bank, explained the investment in the company’s infrastructure as a means to increase efficiency throughout the organization. “Our objective was to select a single vendor solution that supported front office trading through to back office processing,” she said. At the same time, the Bank needed a solution that could support its current broad range of financial products and services.

In selecting the Calypso system, the Bank chose to work with a vendor that had delivered a proven application technology for companies with similar requirements. Specifically, the Bank wanted a solution that was capable of supporting transactions for structured trades, member advances, and mortgage-backed security investments; and that could also perform the associated back office processing. Furthermore, the Bank sought a system with enough flexibility to accommodate future needs.

Following an extensive vendor selection process, the Bank chose the Calypso system to replace a number of internally- and externally-developed applications with a solution that will deliver key elements of straight-through processing, which will allow the Bank to process transactions with little or no manual intervention.

Charles Marston, Chairman and CEO, Calypso Technology, expressed his delight to be working with the Federal Home Loan Bank of San Francisco. “Our regional teams will support and work closely with the Bank to deliver our award-winning, state-of-the-art solution designed to meet their stated objectives. The Bank is an important part of the nation’s banking system, and we’re pleased to be able to help them deliver the highest level of service to their member financial institutions,” he added.

About the Federal Home Loan Bank of San Francisco
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgages to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank’s members—its shareholders and customers—are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.

Record Selects Calypso

• Leading currency management firm to use the Calypso system to support growth

San Francisco, April 12, 2010 — Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced the signing of Record plc, a UK listed currency specialist that manages a number of pooled client funds and segregated client accounts. Record has selected the Calypso system to support its growing currency management business.

Record was looking for a robust solution that can scale with the firm’s growth in terms of volume and product complexity. After a thorough system vendor selection process, Record chose the Calypso system for its ability to support its sophisticated FX and FX Derivatives business out-of-the-box for the entire mid and back office transaction life cycle on a single platform. The system will enhance Record’s ability to manage multiple funds with different risk/return profiles for different clients as well as pooled arrangements where the risk and cash management span across funds and client structures.

Furthermore, Record will have the ability to expand its business to complementary product lines knowing that the Calypso system supports a wide range of cash and derivatives products. Record will use the Calypso system for post trade and back office functions, including: pricing, post trade compliance, risk and limit management, real-time and historic reporting, operational risk management and control. Calypso’s workflow driven back office solution will enable Record to increase efficiency, particularly in the areas of settlement, confirmation and cash management.

Paul Sheriff, CFO at Record said, “While we looked at a variety of options, in the end we selected the Calypso system as it was the closest fit to our requirements. The Calypso system will enable us to significantly increase flexibility in product design while reducing the product development lifecycle. We expect the system to aid operational risk management and achieve significant efficiency gains in the trade lifecycle management. Most importantly, the Calypso system will enable us to deliver a better service to our customers by being able to scale in terms of both traded volumes and in the variety of instruments supported. Our customer service will be further improved from the sophisticated reporting tools utilizing the Calypso system.”

Record is currently implementing the Calypso system and is planning to go live in Q3 of 2010. The Calypso system will interface with the existing system infrastructure, including Record’s proprietary algorithmic trading applications and external data providers.

“Calypso will allow Record to better support the unique needs of its pooled and individual client funds by helping them respond quickly to new market opportunities,” added Charles Marston, Chairman and CEO of Calypso Technology. “Record is a welcome addition to our expanding asset management client base and we are looking forward to helping them grow.”

About Record
Record is a specialist currency investment manager and provider of currency hedging services for institutional clients. Founded in 1983, Record has established a market leading position as a currency asset manager. Specifically, the Group has a leading position in managing currency for Absolute Return for institutional clients.

The Group has three principal product lines:

• Currency for Absolute Return, in which Record enters into currency contracts for clients with the objective of generating positive returns;
• Active hedging, where Record seeks to eliminate the impact of currency movements on elements of clients’ investment portfolios that are denominated in foreign currencies when these movements are expected to result in an economic loss to the client, but not to do so when they are expected to result in an economic gain; and
• Passive hedging, where Record seeks to eliminate fully the economic impact of currency movements on elements of clients’ investment portfolios that are denominated in foreign currencies.

Record (LSE: REC) was admitted to trading on the London Stock Exchange on 3rd December 2007.

Calypso Technology Achieves 9th Straight Year of Strong Growth and Profitability

• Firm continues global expansion by closing two acquisitions and opening two new offices
• 34 companies go live with Calypso in 2009

San Francisco, March 09, 2010 – Calypso Technology Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that the company experienced its ninth straight year of revenue growth in 2009. The firm made several milestone achievements: adding 21 new customers, increasing staff by 12%, opening new offices and closing two strategic acquisitions of specialized financial technology companies.

Calypso Technology continued to report steady increases in revenue and profit across the year. The firm opened two new offices in Hong Kong and Brighton, and expanded its presence in emerging markets such as South America and Russia.

In 2009, Calypso Technology acquired the Galapagos product, a portfolio optimization and management platform, and Green River Computing Services, a cash management and treasury solution provider. These strategic acquisitions expanded Calypso Technology’s capabilities in the front-office, and in treasury and cash management. Calypso Technology signed three new sales transactions for the Galapagos product with some of the largest participants in the market, including Tullett Prebon. Calypso Technology signed its first corporate treasury client in the first quarter and has seen continued interest across treasury and cash management in its support for multi-bankingoperations, fund administration and valuation services.

Calypso Technology added 21 new customers across the various business verticals, and the company now has more than 110 customers overall, many using the Calypso System across multiple business units and asset classes, including support for specialized financial services. Customers include eight of the top ten global banks, and there are now more than 18,000 users of the Calypso system. In total, 34 customers went live on the Calypso Platform, including both upgrades and new implementations.

Other benchmarks for the year include: releasing Version 11 of the Calypso Platform, the signing of the firm’s first Russian bank customer, and winning the Risk Ranking and Asia Risk Survey awards for best trading system for credit derivatives (front to back) and structured products respectively. Calypso Technology was also identified as a top five universal banking system in the annual IBS Sales League Table of vendors. In addition, Calypso Technology demonstrated innovation by spearheading the push for exchanges and clearinghouses to enable central clearing and integrated risk management of OTC derivatives.

Charles Marston, CEO of Calypso Technology, comments, “While challenging, the past 12 months proved to be an excellent year for Calypso Technology. Our continued growth by any benchmark proves the absolute and real value that the Calypso product suite brings to our customers – perhaps even more so in a down market, decision-makers realize the value and ROI of choosing to work with us. We are well-positioned to continue to grow through 2010 and into 2011.” Mr. Marston adds, “We are excited to maintain our unparalleled customer service in 2010, and to continue to enhance and develop our solutions to best serve our clients’ needs.”

Wood & Company Goes Live on Calypso

• Calypso provides middle- and back-office brokerage functions to leading Central and Eastern European investment banking house
• Calypso system drives efficiency gains and expansion

San Francisco, February 22, 2010 – Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that Wood & Company, a leading Central and Eastern European investment banking house, has gone live with the Calypso system to support middle- and back-office brokerage functions, including cash management and reporting. The Calypso software system has been implemented as a central installation in Prague, offering remote access to other office locations.

By implementing the Calypso system, Wood & Company has a solution in place that allows the company to multiply its business capacity and improve operational security while meeting specific local Eastern European requirements. The Calypso platform offers Wood & Company a solution for securities, treasury, fixed income and derivatives within one integrated application that has enabled the bank to replace a number of existing systems in the middle- and back-office environment. The Calypso system allows Wood & Company to monitor, plan and report on the balance and flow of cash and securities accounts, as well as allocate expenses to transactions according to selected parameters and report the required details.

Andrea Ferancova, Partner & Director of Capital Markets at Wood & Company, explains, “Implementing the Calypso system will enable us to grow our business while keeping costs under control. Conservatively speaking, the platform will improve our operational efficiency by 75% and will save us 25% in operations resources. We have gained real savings in areas like cash management, and we can now direct our resources to developing value-added customer services. By working with Calypso Technology, we can better serve our clients by being able to introduce new products quickly and know that they will be supported throughout the transaction lifecycle. The Calypso system is not only cost effective, but it brings additional value to our organization.”

The first phase of the implementation project was completed within budget and within the set time frame of six months. This was achieved by Calypso Technology experts working closely with the bank’s business users, IT resources and project management as a unified team. Phase two and three of the project will focus on adding more products and risk functionality to support the brokerage business, as well as including more processes for settlement, accounting, collateral management, fund management and asset management. The Calypso system will connect to the local exchanges and counterparties via SWIFT and specific protocols. Upon completion of phase three, the bank will be able to monitor the entire trade lifecycle across all products in real time, enabling accurate risk analysis and transparent reporting.

Charles Marston, CEO of Calypso Technology, comments, “We are very excited to work with a leading investment banking house like Wood & Company, and to see the increasing demand coming out of Central and Eastern Europe. Calypso Technology remains committed to offering top-of-the-line solutions to this growing market.”

About Wood & Company
We are the leading independent investment bank in Central and Eastern Europe. Headquartered in Prague, the firm has gained a deep understanding of the markets of new EU countries over the past 15 years. Wood & Company’s goal is to provide international and domestic clients with top quality investment banking and stock broking services which meet and exceed expectations.

Former Sun Microsystems Executive Masood Jabbar Joins Calypso Technology’s Board of Directors

• Mr. Jabbar brings 30 years of technology experience to Calypso

San Francisco, CA, February 18, 2010 – Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced the addition of Masood Jabbar to the company’s Board of Directors. Mr. Jabbar is the fifth independent director appointed to the Board.

“I am very excited to join Calypso’s Board of Directors,” said Mr. Jabbar. “I believe the company has a tremendous future: there are few companies today with the global reach and traction that Calypso has in its market space. Calypso Technology has a visionary executive team, dedicated employees, and a truly first-class technology offering. I look forward to working with them to help shape the future.”

Mr. Jabbar, a 30-year veteran of the technology industry, previously spent 16 years at Sun Microsystems, where he ended his tenure in 2002 as Executive Vice President of Global Sales Operations. In this capacity, Mr. Jabbar was responsible for all sales and support activities for the company. Prior to this he was the president of Sun Microsystems Computer Corporation where he ran the multibillion dollar business unit that developed, manufactured and marketed desktop and server computing systems. During his time at Sun, Mr. Jabbar also served as Chief Financial Officer of Sun Microsystems Computer Corporation, General Manager, and Vice President of Finance and Planning. Mr. Jabbar currently sits on the Board of Directors at Silicon Image Inc. (Nasdaq: SIMG), JDS Uniphase (Nasdaq: JDSU) and RF Micro Devices (Nasdaq: RFMD).

Mr. Jabbar joins four other independent Directors on Calypso Technology’s Board, including former PeopleSoft CFO Ronald Codd, former Credit Suisse First Boston Global CIO Frank J. Fanzilli Jr., former BankOne EVP and Head of the International Group Barry M. Sabloff, and former Veritas Software EVP of Worldwide Field Operations Paul Sallaberry. Kishore Bopardikar, the company’s president and Charles Marston, the company’s chief executive officer have served and continue to serve on the company’s Board of Directors since the company’s inception.

Charles Marston, Chairman and CEO of Calypso Technology said, “We are thrilled that Mr. Jabbar has agreed to join our esteemed Board of Directors. He brings a vast amount of operational expertise and leadership to the company. Our Board, comprised of the leading finance and technology executives in the industry, provides valuable insight and their leadership and guidance are crucial to our continued growth.”

ASB Goes Live on Calypso

• Leading New Zealand Bank implements Calypso for cross-asset, front-to-back treasury solution

Sydney, February 02, 2010 – Calypso Technology Inc., a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced that ASB Bank, a leading New Zealand institution, has successfully implemented the second phase of the Calypso project to go live on its cross-asset, front-to-back treasury platform for foreign exchange, money market, interest rate derivatives, and risk, including limit management, enterprise risk, VaR and market risk.

ASB was seeking a single, complete solution to support all treasury functions and to expose more treasury capability via the Bank's internal portal, FastNet. Calypso was chosen for its ability to streamline the Bank's entire financial markets trading and post-trade processing activities. The first phase of the project included end-to-end processing for forward rate agreements and futures as well as limits management. The second phase, including foreign exchange, went live in November 2009.

ASB leveraged Calypso's market standard based solution, Calypso Fast-Track to accelerate the deployment of the trading, risk and operations application. Calypso Fast-Track provided ASB with a pre-configured database and associated process documentation. ASB was then able to focus more attention on their unique products and processes, interfaces and data migration rather than the mechanics of simply getting the application up and running.

“Choosing Calypso was a strategic decision for us”, says Kerry Francis, Chief Executive of Treasury and Financial Markets. "By implementing Calypso, we now have sophisticated trading capabilities across a number of asset classes while benefiting from the efficiencies of centralized workflow.”

Guy Curtis, Head of Treasury and Financial Markets Operations, ASB, added, “We have increased our STP rates significantly and this achievement is testament to the strength of our partnership.”

"We are delighted to be working with ASB to support the Bank's treasury operations. Australia and New Zealand continue to be important areas of growth for Calypso, and we look forward to growing our presence and client base in the region," states Charles Marston, Chairman and CEO of Calypso.

About ASB
ASB has a history of more than 160 years providing financial services and solutions to New Zealanders, and is proud to be one of the country's leading banks. Visit ASB at www.asb.co.nz

ICAP and Calypso Form Marketing Relationship

New York, San Francisco, January 11, 2010 – ICAP (IAP.L), the world’s leading interdealer broker, and Calypso Technology Inc., a global application software provider to the capital markets industry, today announced a new marketing relationship. Calypso’s customers can now access ICAP’s award-winning data via Thompson Reuters to fuel and populate their risk analytics giving a more precise risk assessment on multi-asset classes.

Global data packages available include: Foreign Exchange, FX Currency Options, Interest Rate Derivatives, Fixed Income, Money Markets, Energy & Commodities and Credit Derivatives.

The Calypso Trading and Risk Management Platform is the industry’s first integrated application suite designed from the outset to be a front-to-back office, cross-asset platform for derivative and treasury products that readily adapts to change. Banks and other companies use Calypso to improve financial innovation and capitalize on ever-changing market opportunities. Calypso provides an open, modern platform that adapts to its customers’ needs today and in the future.

Pieter Hamman, Vice President of Business Development at Calypso Technology, said: “Reliable risk management capabilities are more important now than ever before. Our marketing partnership with ICAP brings together the Calypso software system with ICAP’s industry standard market data. We’re very excited to be working with ICAP as well as offering our clients this exciting new offering.”

“We’re very happy to be partnering with Calypso, a world leader in cross-asset trading and risk management global applications software,” said Ivette Collazo, Director of ICAP Information Services, Channel Partners. “With today’s volatile markets, our customers need the most advanced risk management tools available. By using our authoritative market data through the Calypso risk management tools, they will be able to get just that.”

ICAP Information Services has continued to build out its offering, expanding its data distribution relationship via a number of channel partners and noticeably with Thomson Reuters where enterprise licenses are available including EBS Ticker data, historical data and real-time content. In 2008, ICAP also signed an agreement integrating ICAP market data into the Xinhua product and service offering.

About ICAP
ICAP is the world’s premier interdealer broker and provider of post trade services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, foreign exchange, emerging markets, equities and equity derivatives through voice and electronic networks. ICAP is also the source of global market information and research for professionals in the international financial markets. ICAP plc was added to the FTSE 100 Index on 30 June 2006. For more information, please go to www.icap.com