Japanese Banks Focused on Operationally Readiness for OTC Client Clearing

• Survey at recent Calypso event in Tokyo highlights state of OTC clearing in Japan

Tokyo, Japan – 14 August 2013 — Calypso Technology Inc., the leading integrated capital markets software provider, has announced the results of a survey on OTC clearing conducted at its recent Japanese Market Forum 2013 in Tokyo. The survey revealed that 80% of respondents are working on achieving operationally readiness for OTC clearing in Japan. 20% are already operationally ready, even though it is not mandated.

More than 130 attendees from leading Japanese banks, broker dealers, asset managers, insurance firms and financial services providers attended the one-day event. The forum featured an update from Takeshi Hirano, Director, Strategic Planning Head, OTC Derivatives Clearing Service, Japan Securities Clearing Corporation (JSCC) on the current status of and future developments in Japanese clearing. Additionally, the event featured a presentation on leading edge OTC clearing technology and a panel discussion moderated by Takehiro Hosomura, Deputy Director, OTC Derivatives Clearing Service, JSCC, with senior industry practitioners from both the buy-side and sell-side discussing the new requirements driven by OTC clearing.

It is expected that OTC client clearing will be mandated within 2014 in Japan, whereas in the United States, the majority of derivatives end users were required by the Dodd-Frank Act to clear OTC derivatives beginning June 10th 2013.  In a survey of attendees, participants shared their concerns and plans to implement an OTC clearing infrastructure and strategy in Japan.  Of note, 20% of the survey respondents are currently operationally ready for OTC clearing. More than 50% of those firms are actively searching for a new system to help them with operational compliance. 

In contrast, more than 70% of derivatives end users in the USA and Europe state that operational challenges in OTC clearing are no longer the biggest sticking point, according to a report by research firm Finadium, entitled, “Large OTC Derivatives End-Users on Clearing and Collateral: A Finadium Survey.” 

“OTC clearing can impose significant strains on existing derivatives systems,” states Sanela Hodzic, Managing Director, Strategy and Marketing at Calypso Technology. “It’s a paradigm shift in derivatives management. Firms have to develop new processes and technology for managing connectivity, margining, collateral management and regulatory reporting requirements.” 

In the survey, over 50% of respondents revealed concerns that collateral management/collateral optimization will impact their business profitability once OTC client clearing becomes a reality.  “The urgency of collateral management is felt more gradually than the need to clear trades, as underlying investors and portfolio managers begin to see the direct cost of collateral impacts to their returns,” states Josh Galper, Managing Principal at Finadium. 

Conference attendees were also polled on how they would select clearing brokers. The majority (61%) of respondents highlighted that breadth of services was the most important attribute when selecting a CCP partner.  In terms of the most valuable clearing services, operational support around connectivity (46%) and risk and margin management (22%) topped the list. 

“The survey confirms that the Japanese market is well aware of the client clearing challenges ahead. Clearing firms recognize the need to implement solutions to support new stringent compliance requirements such as the 60-second limit checking rule,” concludes Hodzic. “Calypso is breaking new ground in this space, ensuring that our clients around the world are equipped with the tools and processes they need to optimize collateral in light of new clearing requirements.”

COMDER Selects Calypso to Power New Chilean OTC Derivatives CCP

San Francisco – July 23, 2013 – Calypso Technology Inc., the leading integrated capital markets software provider, today announced that COMDER Central Counterparty, has selected Calypso to provide the core clearing platform for a new central counterparty (CCP) for OTC derivatives created by a consortium of Chilean banks.

In response to G-20 mandated OTC derivatives reforms and standardization, a group of Chilean banks led by COMDER is building a new OTC derivatives CCP. This new CCP will begin clearing non-deliverable forwards (NDFs) in Q4 2014 and interest rate derivatives (IRD) in Q1 2015. The CCP will be powered by Calypso for novation, affirmation, registration, limits, initial and variation margins, collateral management, default management and trade repository.

According to Felipe Ledermann, CEO of COMDER, “Calypso is the ideal partner for us given the firm’s proven expertise and experience in OTC derivatives central clearing. COMDER benefits from Calypso’s ability to efficiently implement a best-in-class platform and offer ongoing maintenance and support.”

“We see Calypso as a strategic partner for one of the most important projects in the Chilean banking industry. This initiative allows us to build a best-in-class CCP with the highest standards and align with BIS-IOSCO principles for Market Infrastructures,” Ledermann added. “Also, the commitment to the project given by Calypso´s President and CEO, Mr. Kishore Bopardikar, has played an important role in building a strong relationship between the two companies to meet this important challenge.”

Calypso provides vital OTC derivatives clearing and processing infrastructure to the world’s top clearing houses, including CME, Eurex, BM&FBovespa, TSE, SGX, HKEX and ASX. The Calypso Clearing Solution provides full cross-asset coverage, manages each step in the clearing process and provides visibility into risk for cash and OTC derivatives products on a single, highly scalable platform.

Kishore Bopardikar, President and CEO of Calypso Technology, commented, “We are excited to provide a world-class solution that will enable the Chilean market to move to a centrally cleared derivatives environment. Calypso has established a leading role in global OTC clearing and we are  pleased to be supporting COMDER in the development of such an important platform for the country.”

Riyad Bank Chooses Calypso for Front-to-Back-Office Support

• Key factors in the bank’s selection include Calypso’s straight-through-processing capabilities and Islamic finance coverage

London, July 09, 2013 — Calypso Technology, Inc., the leading integrated treasury and capital markets software provider, has been selected by Riyad Bank, one of the largest financial institutions in Saudi Arabia and the Middle East, to provide treasury operations and structured product front-to-backoffice support. The Calypso system will be rolled out cross-asset in the bank’s operations to support structured products and hedge accounting. This selection marks a major win for Calypso in Saudi Arabia, a leading centre in Islamic finance.

Riyad Bank, looking to update front-to-back-office systems and operations, will change from a process based operating model to a more efficient exception-based one, significantly improving its straight-throughprocessing (STP) rate. Additionally, the bank will align its treasury operations with international and Islamic financial industry standards. Calypso will support the cross-asset requirements of the bank’s business covering its FX (cash and derivatives), money market, interest rate derivatives, fixed income and commodities (including precious metals and derivatives) operations.

Key factors in the selection were Calypso’s cross-asset, flexible solution with its enhanced operational capabilities and high level of STP.

Riyad Al-Zahrani, EVP Operations at Riyad Bank, said, “It was important for us to select a vendor that would deliver industry best practices, front-to-back-office support for structured products and cross-asset capabilities as well as the Shariah-compliant support that is critical for our market and for growing the business regionally. We went through a robust selection process during which Calypso outperformed other solutions in areas of functionality, flexibility and technology.”

Charles Marston, Chairman and CEO of Calypso, states, “We look forward to working with Riyad Bank, a key Saudi Arabian financial institution and market leader. Calypso remains committed to servicing the Middle East and Saudi Arabia in particular, a principal centre in Shariah finance. The region is of increasing importance in global finance and we are pleased to be a part of this dynamic and vibrant marketplace.”

About Riyad Bank

Riyad Bank is one of the largest financial institutions in Saudi Arabia and the Middle East, with a strong corporate and retail banking franchise. Mobilizing its substantial capital base and with decades of expertise to assume a leading role in all areas of Saudi finance, Riyad Bank is a leading financier and arranger of syndicated loans in the oil, petrochemicals, and most of the Kingdom’s notable infrastructure projects.

Riyad Bank offers its clients an accessible network of more than 251 branches with 80 dedicated ladies sections and 20 self-service electronic branches within the Kingdom. The bank has also kept its lead in the ATMs network, as the number of multi-functional ATM's exceeded 2,600 machine distributed in strategic & carefully selected locations.

Offices in London, Houston, and Singapore help the Bank support the international banking needs of its clients.

Riyad Capital [Riyad Bank’s investment banking arm] is a leading player in the IPO advisory business and asset management in Saudi Arabia, having won numerous investment awards in categories ranging from “best mutual performance” to “best fund manager.”

Bank of Korea Goes Live with Calypso’s Integrated Asset Management Solution

• Korea’s central bank implements Calypso Technology, Inc. to upgrade its technology to manage world’s 7^th largest sovereign reserve

San Francisco, CA – 11 June 2013 — Calypso Technology, Inc., the leading integrated treasury and capital markets software provider, announced today that the Bank of Korea, responsible for managing the world’s 7^th largest foreign reserve of $329 billion USD, has gone live with Calypso’s front-to-back office solution to manage its sizable portfolio. 

In light of the rapidly changing global environment, the Bank of Korea was looking to manage its foreign reserve investment strategies more efficiently to improve operational stability and increase return on investment. Calypso’s solution enables the Bank of Korea to manage these strategies more effectively. By integrating workflow in a single front-to-back office platform that improves STP efficiency and operational stability, Calypso provides the bank with the ability to support investment management decisions across a wide range of products including FX, MM, equities, commodities, fixed income and interest rate derivatives.

The Bank of Korea FROMs2 (Foreign Reserve Operation and Management System) go-live ceremony in Seoul earlier this year was attended by the Governor of the Bank of Korea, Mr. Jung Su Kim, and executives and members of the bank.  Calypso was represented by Chairman and CEO Charles Marston. Marston commented, “I was honored to be involved in the go-live ceremony on behalf of Calypso. We are very excited to support the Bank of Korea’s strategy. Our solution enables greater efficiencies and reduces operational risk across the foreign reserve business. This partnership demonstrates the value of our software and our dedication to working with this sector and region.” 

During the implementation process, Calypso provided subject matter expertise support as the company managed the project alongside system implementation partner NOA-ATS -- a Korea-based consultant which has worked with Calypso Technology since 2004. 

“The Bank of Korea expects to improve its operational stability and increase return on investment through managing our investment strategies more efficiently by implementing the Calypso solution. Calypso and NOA-ATS were the ideal partners for us.  They demonstrated solid knowledge of our business throughout the engagement, leading us to a successful deployment on time and within budget,” added the manager of the Bank of Korea.

About NOA-ATS

NOA Advanced Technology Solutions has played major roles in many implementations of trading systems and treasury management systems for various Korean financial institutions. NOA has been closely working together with Calypso Technology, Inc. since 2004 as a local sales partner and a local support. The size of total assets managed by treasury systems NOA has delivered to its clients has reached 600 billion dollars as of 2009 and is growing fast as the clients grow their treasury businesses. http://noaats.com/ 

About Bank of Korea

The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act. The Bank of Korea was originally established with a capital of 1.5 billion won, all of which was subscribed by the Government, but the amendment of the Bank of Korea Act in 1962 made the Bank a special juridical person having no capital.

The primary purpose of the Bank, as prescribed by the Act, is the pursuit of price stability. The Bank sets a price stability target in consultation with the Government and draws up and publishes an operational plan including it for monetary policy. To this end, the Bank performs the typical functions of a central bank: issuing banknotes and coins, formulating and implementing monetary and credit policy, serving as the bankers' bank and the government's bank. In addition, the Bank of Korea undertakes the operation and oversight of the payment and settlement systems, and manages the nation's foreign exchange reserves. It also conducts supervisory functions for financial institutions as stipulated in the Bank of Korea Act. http://www.bok.or.kr/eng/engMain.action

Calypso Technology is First Financial Technology Company to Achieve ISO 9001 TickITplus Certification

• Leveraged DNV Business Assurance to complete registration as the first organization in the world to obtain TickITplus Service Management scoped certification

San Francisco, June 10, 2013 — Calypso Technology, Inc., the leading integrated capital markets software provider, today announced that the firm has been certified for the TickITplus Foundation Level, including the Management System Standard for ISO 9001:2008. Using DNV Business Assurance to navigate the registration process, Calypso is the first financial technology company and one of the first companies in the world to achieve this certification.

TickIT is a quality-management certification program for software development and the plus certification represents adherence to a rigorous set of criteria for effective business processes. TikITplus is intended to offer a flexible, multi-level approach to IT quality and certification assessment to capitalize on the strengths of TickIT. The certification covers all of Calypso’s support sites around the world.

“With our ISO 9001/TickIT Quality Management System we achieved a repeatable process and predictable service levels,” Mel Gadd, VP Business Process Engineering at Calypso. “Improvement in our service has been a continuous process. We are in our fifth year of a quality initiative that resulted in ISO 9001/TickIT certification at the mid-point. The most significant improvements in case resolution time came in the first few years when we achieved 52% on average year-on-year reductions. Since achieving certification we have continued to make reductions of between 9% and 15% a year.”

Kishore Bopardikar, President and CEO of Calypso Technology, comments, “Being the first in our sector to achieve TickITplus certification underscores our commitment to upholding the highest standards for quality and efficiency. Calypso believes that by adhering to the industry’s most rigorous criteria for business processes, we differentiate ourselves from the competition in delivering market-leading solutions and customer service.”

Calypso Technology Opens Office in Beijing

• Software leader expands its Asia Pacific footprint as client base increases

Beijing, May 23, 2013 — Calypso Technology, Inc., the leading integrated treasury and capital markets software provider, today announced it has opened an office in Beijing, to service both the domestic and international institutions across the region. This follows recent client successes and continued growth in Greater China.

The office will house sales, professional services and engineering teams to support existing and new clients across Greater China. Charles Marston, Chairman and CEO at Calypso Technology commented: “We are delighted to continue our long-term Asia Pacific growth strategy with the expansion in China. By establishing a regional presence in Beijing, we are well positioned to deliver world-class services efficiently and strategically support client efforts.”

Commenting on the office opening, Mark Bell, Calypso’s Regional General Manager, Greater China said: “Calypso’s solution is recognised for its cross-asset capabilities globally, but key to our strategy has been to identify, understand and implement solutions to meet the challenges faced by local financial institutions.” The Beijing office opening is a testament to Calypso’s commitment and focus on expanding within the Chinese financial markets. Bell continued: “We are developing a strong team in Beijing by relocating some key staff to assist with integrating local hires, to build on the strong foundation Calypso has already established in the region.”

Otkritie Securities Goes Live with Calypso Technology

• Leading Russian Financial Institution rolls out Calypso in front and back office for Repo and Securities Lending and Borrowing (SLB) trading

London, April 30, 2013 — Calypso Technology, Inc., the global capital markets platform provider, announced today that Otkritie Securities, the UK-based subsidiary of Otkritie Financial Corporation, one of the leading financial services providers in Russia, has gone live with phase one of the Calypso project to support its front and back office operations, including collateral management, in its London and Moscow offices.

The Calypso solution will enable Otkritie to improve end-to-end efficiencies, reducing overall costs by removing the number of systems required to run and upgrade operations, and also to support the organization’s future growth and business evolution. Otkritie selected the Calypso system based on its strengths in automation and operational control across all traded asset classes, providing a high degree of straight-through-processing (STP).

In the front office, Calypso will support repo and funding as part of the treasury function, securities lending & borrowing (SLB), FX, loans, and deposits with floating and fixed rates. The firm will use Calypso to perform a wide range of activities including trade capture, price validation, P&L reporting and calculation as well as proprietary and client position capture.

In the back office, cross asset functionality will include collateral management, cash and securities reporting, corporate actions, regulatory trade reporting, custodian and nostro cash settlement and reconciliation, confirmation and settlements, including SWIFT payments. After a successful initial go-live of the front office Repo and SBL, Otkritie will now roll out Calypso as a consolidated back office platform across its operations.

Otkritie was looking for a solution that could grow with the business as volumes are expected to grow significantly over the next few years, particularly in the area of direct market access (DMA) trading. As such, the solution must be scalable to provide operational support for the expected growth.

Sergey Danilin, Global Head of Project Management Office from Otkritie Securities commented, “In order to support our plans for future growth, we need a system that will be flexible, scalable and leveraged across all asset classes. We have found in Calypso a solution that matches our requirements and will also create a partnership to achieve our business and technological objectives”.

Charles Marston, Calypso’s Chairman and CEO states, “Russia represents an exciting and vibrant market for us and we are pleased to be working with an innovative leading organization such as Otkritie. Their selection of our solution reinforces the strengths and scalability of Calypso to support a wide range of trading and treasury functions in this market, and we look forward to assisting Otkritie with their growth plans”.

About Otkritie Securities

Otkritie Securities Limited (OSL) is the UK-based subsidiary of OTKRITIE Financial Corporation, one of the leading financial services providers in Russia, which has acted as a broker, asset manager, financial consultant and investment bank for its clients since 1995.

IndusInd Bank Selects Calypso for Full Front-to-Back Office Treasury Solution

• Cross-asset platform to grow IndusInd’s treasury business and manage risk

Mumbai, 25 April 2013 — Calypso Technology Inc., the leading integrated treasury and capital markets software provider, announced today that IndusInd Bank has selected Calypso Technology’s cross-asset front-to-back solution to grow their treasury activities, increase global markets business and manage risk.

IndusInd Bank looks to fuel its ambitious growth plan by offering its customers sophisticated treasury products and providing them wider access to the markets. As an industry front-runner adopting latest technology solutions, IndusInd Bank was seeking to implement a state-of-the-art treasury platform and Calypso Technology was the best fit.

Calypso Technology’s treasury solution is designed to enable IndusInd Bank quickly introduce new products including derivatives, and provides the ability to contain risk exposure within limits, thereby ensuring that IndusInd Bank remains ahead of the rapidly changing regulatory landscape.

“Implementing the Calypso integrated solution for our treasury will enable us to offer new sophisticated products to our customers and grow our business. It will provide us with the right platform to manage our capital and risk efficiently,” said Paul Abraham, the Chief Operating Officer, IndusInd Bank.

Calypso Technology is committed to expanding and strengthening its local presence in India since opening its Mumbai office in 2006 and has since opened two additional offices in Chennai and Pune. Its engineering, product support, account management and product management teams in India offer worldclass support to local and global clients. “As India continues to expand as one of the world’s leading and most exciting economies, we are delighted to continue our long-term commitment to India and Asia Pacific,” says Calypso Technology Chairman and Co-CEO Charles Marston.

Calypso Technology’s General Manager for APAC, Sean McDermott commented, “We are pleased to be working with IndusInd Bank to help the bank to grow their business and manage their risk effectively. This new addition to our client base is a testament to the scalability and robustness of the Calypso software to support the growth objectives of the bank in one of the fastest developing economies in the world.”

About IndusInd BankIndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on December 31, 2012, IndusInd Bank had 461 branches, and 852 ATMs spread across 320 geographical locations of the country. The Bank also has representative offices in London and Dubai.

The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank also offers DP facilities for stock and commodity segments.

RATINGS:ICRA AA for Lower Tier II subordinate debt program by ICRA. ICRA AA- for Upper Tier II bond program by ICRA. CRISIL A1+ for certificate of deposit program by CRISIL.Visit us at http://www.indusind.com

Israel’s Bank Leumi Selects Calypso Technology for Full Capital Markets Support

• Platform will deliver full cross-asset, front-to-back office functionalities
• Deal marks first major Israeli client for Calypso

London, UK – 8 April 2013 — Calypso Technology Inc., the global capital markets platform provider, announced today that Bank Leumi, the leading Israeli banking corporation, has selected Calypso to provide a full cross-asset, front-to-back office solution to support its core capital markets business. 

Implementing the Calypso solution will give Bank Leumi a unique platform to monitor the Bank’s global exposure and a scalable and flexible solution for its growing capital markets business. The Calypso platform will provide cross-asset support, including interest rate derivatives, providing all functionality from front office trading through to final delivery and settlement. Specific functionalities will include trading, pricing, risk monitoring, trade processing, settlement, delivery and position-keeping. The platform will also provide a flexible framework, allowing the Bank to bring new products and instruments to market. 

“At Bank Leumi, we were looking for a way to monitor global risk exposure of the Bank, increase actual services capabilities and extend our products and services to our customers and the overall market. Calypso’s solution would clearly allow us to achieve this aim and support our overall business objectives,” said Professor Daniel Tsiddon, Deputy CEO, Bank Leumi, who signed the contract with Kishore Bopardikar, CEO and President of Calypso Technology in Tel Aviv in December 2012.

Implementation began early in January 2013 under Haim Hosman (Global Project Delivery Manager) in Tel Aviv. 

This announcement marks the first signing for Calypso with an Israeli financial institution. “We are delighted to be working with Bank Leumi and supporting their growing and exciting capital markets business,” said Mr. Bopardikar. “Our success here truly demonstrates the demand for tools that allow regional customers and their clients to access global markets. We look forward to working closely with Bank Leumi and playing an important part in the bank’s expansion.”

About Bank Leumi

Bank Leumi and its subsidiaries constitute one of Israel's largest banking groups which began its activities more than 110  years ago.  Leumi is involved in a variety of banking, financial and non-banking activities, in Israel and overseas.  Leumi operates through the Bank, its subsidiaries and associate companies through 270 branches located throughout Israel, and through 61 branches, agencies and representative offices in 17 countries throughout the world.

The Leumi Group includes subsidiaries which provide financial services in various fields, such as credit cards, mortgages and underwriting. 

Further, Leumi invests in non-banking corporations operating in the fields of infrastructure, Israeli and overseas real estate, communications and the media, energy, shipping, food, retail trade and the chemical industry. The Bank is rated by S&P, Moody’s and Fitch. http://english.leumi.co.il/

Calypso Technology Opens News Office in Madrid

• Software leader expands its European footprint as Spanish client base expands

San Francisco, March 25, 2013 — Calypso Technology, Inc., the leading integrated treasury and capital markets software provider, announced that they have opened an office in Madrid, Spain, to service the Spanish and Portuguese markets. This follows the successful recent onboarding of several leading Spanish banks as new clients in 2012.

Charles Marston, Calypso’s Chairman and CEO, commented, “Spain is a key market for Calypso. With Spain’s two largest institutions as clients, it makes sense for us to have a direct presence in Iberia for optimum client servicing.”

The Madrid operations will act as a liaison between Calypso Technology and their Iberian and Latin American clients, largely incorporating Sales and Professional Services teams. Ramón de la Fuente, head of the new office said: “Calypso has ambitious plans for the region. We are building a strong team here by hiring the best technology and business matter experts in the market. We really want to replicate our success from other regions, by being a valuable trusted advisor to financial institutions in Spain and Portugal”.

David Kelly Joins Calypso Technology as Director of Financial Engineering

• Calypso continues to expand quantitative team to support demand for front-office capabilities

San Francisco, February 19, 2013 — Calypso Technology, Inc., the global capital markets platform provider, has announced the appointment of David Kelly as Director of Financial Engineering. Mr. Kelly has nearly 20 years of experience in finance as a trader, quant and technologist and will be responsible for the Financial Engineering team at Calypso.

Mr. Kelly’s hire comes as part of an ongoing initiative to expand Calypso’s expert team of financial engineers and to seek out highly talented, seasoned industry veterans. Mr. Kelly has previously held senior positions at some of the largest financial institutions and was most recently the Director of Credit Product Development at Quantifi. As a member of Quantifi’s senior management team, Mr. Kelly oversaw quantitative and technical staff in providing pricing and risk solutions to global banks, asset managers, hedge funds and insurance companies.

Prior to Quantifi, Mr. Kelly was a senior trader on Citigroup’s CVA desk and was formerly Head of the Global Analytics group at JPMorgan Chase, where he also designed and developed the first CVA pricing and risk management system for the Credit Portfolio Trading desk. Mr. Kelly’s buy-side experience includes serving as CRO for a prominent hedge fund, where he defined and implemented risk management processes and systems. As Director of Financial Engineering at Calypso, Mr. Kelly will be reporting to Tej Sidhu, Senior Vice President of Engineering.

Mr. Kelly comments, “I’m thrilled to be joining Calypso, a firm that has repeatedly made the right calls in pursuing new market opportunities, such as central clearing and the need for consolidated crossasset risk and liquidity management solutions. This is a time of rapid growth and expansion for the firm and I look forward to lending my experience and insights to the Financial Engineering team as we look to further enhance our sophisticated derivatives pricing analytics, including CVA.”

Kishore Bopardikar, President and CEO of Calypso, notes, “David brings tremendous experience and expertise to our Financial Engineering team. His appointment is a part of our commitment to innovation. We are always looking to break new ground in the OTC derivatives industry and David has a history of bringing new and valuable developments to the industry. We are excited to have him on board.”

BlueCrest Capital Management Selects the Calypso System for Front Office Trading Solution

• Solution supports expansion of global hedge fund’s trading operation

London, UK, November 27, 2012 - Calypso Technology Inc., the global capital markets platform provider, today announced that BlueCrest Capital Management ("BlueCrest"), a leading global hedge fund manager with over $33 billion in assets under management, has chosen Calypso’s Front Office Solution to support its funds. The Calypso solution will support BlueCrest’s order management, trade capture, lifecycle management, real-time position and risk management. The product coverage is comprehensive and covers interest rate derivatives, bonds, repos, FX, equities, equity derivatives, credit, commodities, cash and loans. Trades will be fed into Calypso from more than a dozen external trading platforms.

BlueCrest has been a Calypso client since 2008 when it adopted Calypso’s Middle Office functionality. BlueCrest partnered with Calypso to develop and build out Calypso’s highly successful Cross Asset P&L functionality that has since become the backbone of Calypso’s buy-side offering.

BlueCrest was impressed with the Calypso System’s ability to model the workflow of their cross-asset, high volume trading requirements and realize their vision to focus investment away from traditional order management systems to a modern enterprise solution, reflecting the change in market conditions.

Donal Fleming, CTO, BlueCrest commented, “We needed a solution which would support our growth initiatives, whilst also consolidating our current trading platform systems. Calypso’s established front office trade capture system was an obvious choice.” He added, “Calypso is a trustworthy system, designed for efficient implementation and maintenance, and we look forward to a continued partnership.”

Charles Marston, Chairman and CEO, Calypso Technology, added “We are very excited to partner with BlueCrest to deliver the cross-asset trading solution they require. Working with BlueCrest has helped extend the Calypso System’s cross-asset capabilities, demonstrating the value of our solution for the buyside and our dedication to working with this sector.”

Calypso OTC Clearing and Processing Solution Wins 2012 Financial News Trading and Technology Award for Best Post-Trade Risk Management Product/Service

• Recognized across industry for breakthroughs in OTC clearing

San Francisco, October 31, 2012 — Calypso Technology Inc., the global capital markets platform provider, has been named the 2012 Best Post-Trade Risk Management Product/Service by Financial News. The annual Financial News Awards for Excellence in Trading & Technology recognize standout achievements by firms in the global financial markets. Calypso Technology was awarded for its breakthroughs in OTC derivatives clearing and processing.

The Calypso systemis used by the majority of the world’s CCPs clearing OTC interest rates, credit derivatives and FX products. Calypso Technologyalso provides capital markets firms and FCMswith the solution that offers ease in launching OTC clearing and collateral services in an environment of continued derivatives regulatory reform and market structure changes.

“The R&D we put into staying ahead of OTC derivatives market changes continues to empower our client base, allowing them to transform the change into new business opportunities around OTC clearing,” says Sanela Hodzic, Director of Strategy and Business Development at Calypso Technology. “We thank our client community and the industry for recognizing Calypso’s commitment to innovation. Our work is far from over. We continue to work closely with the market to address emerging industry challenges in clearing such LSOC regulation, cross-product margining, collateral and liquidity optimization as well as clearing of additional products such as FRAs and FX NDFs.”

In 2012, Calypso Technologyhas been recognized by multiple industry publications for its innovations in OTC derivatives clearing and processing, for its work with exchanges, buy-side and sell-side market participants.Calypso was also voted as the #1 provider for clearing in the Asia Risk Technology Rankings and won the 2012 Financial Technologies Forum award for Most Efficient Solution for OTC Derivatives Reform.

Japan Securities Clearing Corporation Launches New IRS Clearing Service Using the Calypso System

• Partnership extended from clearing CDS to IRS

San Francisco, October 30, 2012 — Calypso Technology Inc., the global capital markets platform provider, announced today that Japan Securities Clearing Corporation (JSCC), a member of the Tokyo Stock Exchange Group, has gone live with the Calypso system for its interest rate swaps (IRS) central counterparty (CCP) clearing service. Calypso is used for initial and variation margin calculations (using Yen OIS discounting), trade lifecycle processing and risk management. This clearing service is the first yen-denominated IRS clearing service in Asia Pacific.

Calypso is used by the majority of CCPs globally for clearing LIBOR interest rate swaps, credit derivatives and FX products, providing the core infrastructure for CCPs to provide clearing services for OTC derivatives as mandated by the G20. Calypso Technology is also working with the banks in Japan and other major financial markets to facilitate the reforms in the OTC markets.

Calypso Technology has been working with JSCC since 2010, when JSCC started working on CDS Index clearing, which successfully launched in 2011. JSCC selected Calypso Technology as it was the only supplier capable of supporting the complete OTC derivatives clearing in a single system.

According to Celent, a financial services research and consulting firm, Japan’s (OTC) derivatives market in 2011 recorded 5.1 million transactions. “We needed a system that could scale to the volumes of the OTC business in Japan,” stated Mr. Yasushi Suzuki, Managing Director, Japan Securities Clearing Corporation.

Mr. Suzuki added, “Calypso Technology’s involvement in the project and experience working with global CCPs was instrumental in enabling us to successfully meet the November 2012 Financial Instruments and Exchange Act (FIEA) deadline for OTC derivatives clearing. This milestone allows Japan to further improve the safety and transparency of the OTC market. The advent of OTC derivatives clearing is the first step in the structural reform of the OTC derivatives market.”

Charles Marston, Chairman and CEO, Calypso Technology, commented, “JSCC has been an important and valued client for us in Japan, working with us in delivering OTC financial derivativesclearing services that meet regional and global requirements. We look forward to working with JSCC on future projects, and are delighted to be working with them on this landmark IRS clearing mandate.“

Calypso Technology Launches Basel III Solution for Liquidity Management

• Enables banks to address liquidity requirements mandated by Basel III
• Integrated trading and risk management system packages all trade, static and reference data with liquidity monitoring and reporting capabilities

San Francisco, October 29, 2012 — Calypso Technology Inc., the global capital markets platform provider,today announced the launch of a new liquidity management solution that enables global banks and other financial institutions to comply with Basel III standards. The treasury system provides intraday, short-term and long-term liquidity management capabilities in addition to extensive cash management functionality, allowing institutions to address the Basel III liquidity requirements.

The Calypso solution addresses two key challenges facing treasuries today when managing and forecasting liquidity. One is the ability to aggregate cash flows and data from multiple systems and/or business units as the system can capture trade and cash flow data from various sources through its robust interfaces. Another major differentiating benefit is the system’s ability to model all asset classes (including cash and derivatives products) or integrate custom pricing models so that managers can perform market data perturbations or simulate behavioral assumptions into business-as-usual or stressed scenarios.

The Calypso single platform offers treasurers the ability to manage enterprise concerns such as survival horizon, asset liability distortion and intra-day liquidity usage. Apart from producing the required metrics, namely Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR), credit line usage ratio, asset maturity mismatches and funding concentration, the Calypso platform also allows treasurers to understand the key significant currencies by running balance sheets at a currency level. The flexibility and architecture of the system enable organizations to align their risk management objectives to the reporting required by Basel III principles. The powerful scenario engine allows stress testing banking products, capital market products and collateral positions and enables smooth management of liquidity risk, both operational and regulatory. The real-time access to nostro and custody positions allows the survival management and intra-day liquidity to work off the same data. With the inventory of the group in its views, the treasury can allocate and manage liquid assets more effectively.

David Little, Director of Strategy and Business Development at Calypso Technology, explains, “As Basel III is implemented over the next few years, the mandate will continue to evolve with increased emphasis on firm-wide risk management and capital planning. Our new solution enables treasurers to comply and manage enterprise concerns. Treasurers and CTOs now have a comprehensive, cross-asset bank treasury system that can help manage all internal and external funding activities and provide real-time assessment of liquidity risks within balance sheets. Calypso Technology is committed to the treasury space and we are excited to be launching this much-needed solution for a growing area of concern for banks.”

Calypso Technology Names Jonathan D. Walsh SVP & Chief Human Resources Officer

• New appointment brings over 15 years of human resources experience

San Francisco, October 24, 2012 — Calypso Technology Inc., the global capital markets platform provider, today announced the hiring of Jonathan D. Walsh as Senior Vice President and Chief Human Resources Officer. Mr. Walsh brings key areas of expertise to Calypso including compensation and benefits, learning and development, performance and talent management and organizational effectiveness. He will report to Calypso CEO and President Kishore Bopardikar.

Charged with continuing Calypso’s strong growth trajectory, Mr. Walsh’s objectives include acquiring top talent to add to a global team of over 700 employees across 17 offices worldwide as well as furthering Calypso’s performance-driven culture. In addition, Walsh will drive execution of compensation, benefits, performance management and communication programs to support the company’s strategic goals for revenue and services.

“Calypso is at the critical point where well managed and executed HR capabilities can create tremendous value for the organization,” explains Mr. Bopardikar. “At this stage of growth, Jonathan will provide us with strategic leadership to handle critical issues such as global talent acquisition and mobility, performance-based compensation as well as performance and talent management.”

Having worked previously in both the media and financial services industries, Mr. Walsh most recently served as the Executive Vice President of Human Resources for Clear Channel Outdoor where he spearheaded the company’s human capital strategy. Prior to that, he held senior human resources leadership positions with Washington Mutual and its acquirer, JPMorgan Chase.

According to Walsh, “In looking to join a successful and ambitious technology company, I was intrigued by Calypso’s compelling product offering and global footprint in addition to the complexities of running an international organization. I was immediately impressed by Calypso’s commitment to hiring and retaining the brightest minds in the industry to deliver on their ambitious growth plans. I’m excited at joining a growing organization and I look forward to having an impact on its future success.”

Banco Penta Selects Calypso Technology for Front-to-Back Office Processing of Currency and Interest Rate Derivatives

• Chilean Bank chooses Calypso’s platform to support the growth of their business
• New license agreement reinforces Calypso Technology’s strong position in the Latin American market

San Francisco, September 25, 2012 — Calypso Technology Inc., the global capital markets platform provider, announced today that Banco Penta has licensed Calypso’s integrated technology, enabling the bank to fully process their interest rate derivatives front-to-back. Based in Santiago, Chile, Banco Penta specializes in capital markets, financing, asset management and corporate finance for private banking, corporate and institutional clients.

Recently, Banco Penta has undertaken an aggressive expansion in the capital markets, focusing on sophisticated financial products such as interest rate and currency derivatives, with the plan of doubling their revenue year after year for the next five years. To this end, Banco Penta initiated a search for a technology platform that would enable trade automation and real-time processing, with comprehensive controls that can scale with business growth while mitigating operational risks. After evaluating a number of suppliers in the international market for over a year, Banco Penta chose Calypso Technology due to the firm’s experience in the region and in Chile and the product’s complete front-to-back solution covering a broad range of financial assets. The bank recognized the platform’s ability to manage cross-asset trades, positions and associated P&L results in real-time. Furthermore, the Calypso system demonstrated robust risk, credit limit and other controls, along with the scalability to support the bank’s growth plans.

Banco Penta will use Calypso software as the foundation for their aggressive expansion in the interest rate and currency derivatives business. The system will support the main local and international products, such as cross currency swaps and interest rate swaps, in foreign currency with local benchmarks such as the CLF, the Peso, the Camara and the dólar observado rate. Through the Calypso solution, the bank and its branches will be able to offer their clients a variety of swaps and financial products. Banco Penta will consolidate their technology infrastructure by incorporating products currently supported by other systems into Calypso, such as FX Spot, FX Forwards, FX Swaps, local and international fixed income and inflation indexed products.

Daniel Subelman, Head of Capital Markets for Banco Penta and Chairman for Penta Stock Exchange Brokers, states: "We needed an equally sophisticated technology partner with experience both in the local Latin American and global market to support our aggressive growth plan. After a long and thorough analysis of the alternatives available, it was clear that Calypso Technology provides the combination of a system that can support the complete process for all relevant asset classes with the implementation experience in the Chilean market.”

This additional Chilean client represents Calypso’s sustained success in the country and in Latin America. "Latin America is one of the fastest growing capital markets. Our success here reflects the strong local demand for technology solutions with a global scope and strategic partners that understand the unique needs of the regional banks. We are delighted to partner with Banco Penta and play an important role in the bank’s expansion,” said Carlos Patiño, Business Development Director for Calypso Technology in Latin America.

EADS goes live with the Calypso System for Treasury and Risk Management

• EADS to support global cross asset operations from central platform 

San Francisco, CA – July 10, 2012 – Calypso Technology Inc., the global capital markets platform provider, today announced that EADS, a global leader in aerospace, defense and related services, has implemented the Calypso system as the firm’s treasury management solution.

The Calypso system has replaced a legacy treasury system at EADS’ central treasury department. Calypso’s cross-asset platform will support global in-house treasury requirements across a range of products, including FX, MM, Equities, Fixed-Income, FX Derivatives, Credit Derivatives, and Interest Rate Derivatives. The Calypso solution has been implemented for cash management, collateral, asset management, accounting, reporting, limits and liquidity risk, which provides a holistic, realtime globally-centralized cash position for the entire EADS Group.

Andreas Drabert, Vice President Treasury Controlling at EADS, said, “We were seeking a robust platform that would enable us to consolidate a wide range of financial instruments as well as the full scope of our processes onto one integrated central platform.”

With EADS, Calypso provides the sophisticated technology and expertise from the global capital markets to achieve significant efficiencies for a non-bank entity by bringing treasury operations and risk management to the enterprise level. “Enterprise-wide cash management and a global view of liquidity and credit risks are key concerns for CEOs, CFOs and Treasurers across all industries. The partnership with EADS is a validation of our ability to solve large enterprise treasury management challenges in a dynamic non-financial environment,” says Kishore Bopardikar, President and CEO of Calypso Technology.

Mr. Drabert continued, “One of the major goals in bringing Calypso onboard – besides replacing our existing treasury system – was to prepare the department’s system environment for the challenges of the future. In Calypso, we’ve found a dedicated partner, after a detailed selection process, who understands the treasury and risk management needs of a firm with extensive financial market activities like EADS. This understanding in combination with strong capabilities in trade support and risk management as well as in settlement and accounting convinced us to enter into a partnership with Calypso. Since the go-live, we are observing excellent results from a very flexible, robust and integrated cash-management process that is typically the centerpiece of treasury activities in industrial corporates.”

With respect to the relations between EADS and Calypso he further explained: “As an outcome of the financial crisis, industrial corporates are taking a much more cautious view on credit and liquidity risk management than ever before. We look forward to continuing our partnership with Calypso in order to meet the changing requirements in treasury practices affecting many buy-side and nonbank entities.”

About EADS EADS 
is a global leader in aerospace, defence and related services. In 2011, the Group – comprising Airbus, Astrium, Cassidian and Eurocopter – generated revenues of € 49.1 billion and employed a workforce of over 133,000.

Renaissance Capital Goes Live on Calypso

• Leading emerging markets investment bank modernizes back-office operations 

San Francisco, CA – 02 July 2012 — Calypso Technology Inc., the global capital markets platform provider, announced that its award-winning Calypso solution has been successfully deployed at leading emerging markets investment bank Renaissance Capital as a strategic cross-asset back-office solution for the bank’s operations.

The first phase of the project covers American Depository Receipts and Global Depository Receipts with an aim to provide increased automation and operational consolidation as well as to integrate the Calypso platform into Renaissance Capital’s existing IT landscape as a sound foundation for future business lines.

After Renaissance Capital conducted an extensive selection process that included several domestic and international software vendors, the Calypso System was selected on the basis of its seamless end-to-end processing across multiple asset classes and ability to replace a number of existing legacy systems.

“The decision to upgrade our back-office operations was driven by rapidly increasing trade volumes which necessitated greater automation and coordination of back office tasks,” commented Adam Mitchell, Renaissance Capital’s Chief Information Officer.

“Given Renaissance Capital’s expansion, it was vital we had a proven solution that could be easily implemented for current needs and expand to meet future growth objectives,” added Andrey Burilov, Renaissance Capital’s Head of Operations and Compliance.

Phase one of the project was completed in less than 12 months. Renaissance Capital is currently in the process of completing the second and third phases of the project with expected go-lives throughout 2012. These phases will cover additional asset classes: FX/MM, fixed income, derivatives, repo and equities; and functionality such as cash management and client accounting.

Calypso’s Chairman and CEO, Charles Marston, said, “Emerging markets are important for Calypso and we will continue to invest into these regions to provide solutions that package market best practices in conjunction with local conventions.”

About Renaissance Capital 
Renaissance Capital is a leading investment bank focused on the emerging markets of Russia, the CIS, Eastern Europe, Asia and Africa. The Firm also offers its clients access to these markets through financial centres such as London, New York and Hong Kong. Renaissance Capital has market-leading positions in each of its core businesses - M&A, equity and debt capital markets, securities sales and trading, research, and derivatives. The Firm is building market-leading practices across emerging markets globally in metals & mining, oil & gas and agriculture. Renaissance Capital is part of Renaissance Group.

Calypso Partners with AcadiaSoft’s MarginSphere to Enrich Collateral Management Capabilities

San Francisco, June 19, 2012 — Calypso Technology, Inc., a provider of an integrated trading, risk and processing platform to capital markets, today announced a new marketing partnership to integrate AcadiaSoft’s MarginSphere service, an electronic messaging and workflow solution for OTC collateral, with the Calypso system.

 The partnership combines AcadiaSoft’s automation of the margin process with Calypso’s collateral management solution. AcadiaSoft’s MarginSphere is a messaging framework for collateral, providing an ISDA-compliant workflow that eliminates dependency on email, phone, fax and traditional communication modes with an electronic interface that provides scalability, security and audit trails. The Calypso system provides a cross-asset collateral management solution that is integrated with front-to-back office management of OTC derivatives and treasury products.

 Under the G20 mandate, required clearing of OTC derivatives is expected to ratchet up global collateral requirements by as much as $2 trillion. Increased processing requirements, created by the need for daily collateralization of both non-cleared and cleared OTC trade portfolios, are putting pressure on firms to re-evaluate their collateral infrastructure and workflow. In addition to new calculation and optimization services, there is a heightened awareness and demand for electronic messaging flow, enabling efficient communication across all the internal and external parties involved in this collateral process.

 “One margin call typically generates five or more messages, and dramatically more if there are disputes. Given the number of accounts, counterparties and trades that any firm has to maintain, the volume of margin messages can rapidly escalate, creating the potential for errors and large processing inefficiencies,” states Chris Walsh, COO at AcadiaSoft. “We provide a seamless experience for Calypso customers who are experiencing increased collateral activity by improving transparency and reducing costs while enabling improvements and optimization.”

 “Calypso continues to invest in our collateral solution so that we can always remain ahead of significant market developments. The partnership of Calypso and AcadiaSoft gives our customers a simple and effective solution for collateral efficiency,” states David Little, Director of Business Development for collateral solutions at Calypso Technology.

About AcadiaSoft, Inc.
AcadiaSoft, Inc. is uniquely focused on delivering margin automation for counterparties engaged in collateral management. Owned in part by several leading financial institutions, it allows market participants to communicate vital information on exposures, commitments and adjustments between counterparties in a complete, verifiable and secure manner. AcadiaSoft’s Advisory Groups, Best Practice Forums and Working Groups provide a unique framework for integrating the thought leadership and capabilities of market participants, market infrastructures and key service providers across the industry. For more information, please visit www.acadiasoft.com.