- OTC derivatives clearing solution developed alongside major clearing houses and exchanges
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 CalypsoÂ® Central Clearing, the firmâs 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 CalypsoÂ® Central Clearing solution includes:
â¢ Connectivity to trade affirmation platforms
â¢ Clearing and settlement
â¢ Margin calculations supporting multiple clearing house models
â¢ Exchange-configured workflows
â¢ Exchange-wide risk management
â¢ Default management
The Calypso system has been recognised by Asia Risk for this innovation that leverages the companyâs rich heritage around OTC derivatives management, modelling and processing.
The CalypsoÂ® 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, âWe 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.â