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.