Singapore, October 31, 2103 —Calypso Technology Inc., the leading integrated financial markets platform provider, today announced they have been awarded the Technology Development of the Year award at the Asia Risk Awards 2013, for their clearing solution enabling the Australian Securities Exchange (ASX) to provide cross-margining between listed and OTC derivative products in Australia.
The Asia Risk Awards recognize excellence in derivatives services and risk management across credit, currency, energy/commodities, equity and interest rate asset classes. 2013 marks the 14th year of the awards and the second time Calypso has received this prestigious award. In 2010, Calypso received the Technology Development of the Year award for Calypso’s central clearing solution at SGX.
Asia Risk recognizes Calypso for its work successfully implementing the Calypso clearing platform at ASX, one of the world’s top 10 listed exchange groups. ASX offers cross-margining service on Calypso, enabling clearing members to offset initial margin between their interest rate swaps and 24 ASX exchange-traded interest rate futures products, thereby reducing the overall portfolio margin requirements for its members. ASX’s solution offers the benefit of reducing collateral fragmentation across the industry.
"ASX is an integrated exchange that offers a comprehensive range of services, including trading, clearing and settlement, risk management, margining and optimization; Cross-margining was a logical next step," says Tim Thurman, chief information officer at ASX. (Source: Asia Risk Issue October 2013)
“This award recognizes our continued dedication to technology innovation in the global financial markets,” states Sean McDermott, General Manager Asia-Pacific, Calypso. “We place a huge emphasis on research and development to ensure that we are consistently at the forefront of the changes in OTC Clearing, Derivatives, Collateral Management and Treasury Markets. The ASX project has led to tangible cost benefits to the Australian community and it’s great to see Calypso’s efforts with ASX recognized as Technology Development of the Year for 2013.”
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