Calypso Technology

Tuesday, April 10, 2001

Calypso selected by Crédit Agricole Indosuez

San Francisco, 10 April 2001 – Calypso Technology and Crédit Agricole Indosuez (CAI) announced today that CAI has selected Calypso's processing software to support its global fixed income business. The system will be used for all post-trade processing functions including P&L, settlements, and accounting. CAI plans to deploy the system in France later this year where it will replace a number of in-house mainframe-based systems.

The decision was a strategic one for CAI. "CAI is active in fixed income markets globally. As these markets evolve so must our processing infrastructure for us to remain competitive," said Francois Marion, Head of Systems and Operations of CAI. "Consolidating our fixed income business on Calypso will reduce the number of systems we maintain, lower our costs and improve our service."

One of CAI's goals is to increase the percentage of transactions that are processed automatically, without human intervention. "Calypso's automated processing will enable us to drive up our straight-through processing (STP) rates," explained Christian Laurenceau, Head of Operations at CAI. "Higher STP rates will mean fewer errors, and better customer service."

The Calypso system is built on a real-time, component-based architecture. A Java-based framework allows clients to tailor the functionality to their particular requirements. "The flexible framework makes it easy for us to fit Calypso into our existing environment," added Laurenceau.

"Financial markets are changing, nowhere more so than in Europe," said Charles Marston, CEO of Calypso. "Success in this environment turns on efficiency and innovation-cut costs and create value. We are pleased that CAI sees the potential to achieve both goals with our software."

About Crédit Agricole Indosuez
A fully-fledged member of the Crédit Agricole Group, Crédit Agricole Indosuez is:

The capital markets arm of Crédit Agricole Group, occupying important positions in Europe in fixed income and foreign exchange, futures, and equity markets
The European private banking arm of the Crédit Agricole Group, though Banque de Gestion Privée Indosuez in France and in Europe through a strong presence in the 3 main European private markets
A corporate banking arm in the Crédit Agricole Group, having strengthened its long standing expertise in asset based finance and created new skills in corporate finance.

Tuesday, February 6, 2001

Calypso Goes Live At First Union Corporation

San Francisco, CA and Charlotte, NC, 06 February 2001 – Calypso Technology, Inc. and First Union Corporation announced today that First Union's Fixed Income Derivatives division is now live on the Calypso trading and processing system.

"In our business, innovation is the key to profitability. We wanted to speed up the process of taking a new product from concept to production," said Stuart Adams, head of Fixed Income Derivatives Trading at First Union. "We chose Calypso because it provides a framework that we use to add new products rapidly front-to-back. Since Calypso provides all the market standard functionality, our IT team is free to focus on issues that add value to our business. For example, we've developed proprietary analytics that we can plug into Calypso easily."

As well as providing the flexibility First Union needed, Calypso's 100% Java architecture allows the division to achieve straight-through processing (STP) for all the products it trades.

"STP requires automated flow of information between people and departments," said Thold Gill, head of Fixed Income Derivatives for First Union. "Calypso processes in real-time so people are aware of events-new trades, amendments, and so on-as they occur. This gives us much better control of how we do our business, and the quicker access to information has benefits beyond just control. Our marketers can be more efficient with client information like trades, advices, and special instructions readily available."

A longtime Sun Microsystems customer, First Union is deploying Calypso on a Sun EnterpriseTM E420R server running the SolarisTM Operating Environment. The implementation is proceeding in stages. A number of instruments are already processed on Calypso and they expect to transfer the remaining positions in the next few months.

"First Union's experience shows that Calypso is a highly flexible derivatives solution," stated Charles Marston, CEO of Calypso. "It also validates our cross-asset strategy. First Union is using the system for interest-rate derivatives. Other customers are implementing Calypso for foreign exchange, bonds, and equities."

About First Union
First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $15 billion at December 31, 2000, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 46 states. Online banking products and services can be accessed through http://www.firstunion.com/.
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