Calypso Technology, Inc. (Calypso), a leading provider of capital markets trading software solutions, today announced that Erste Bank Group, Central and Eastern Europe's leading financial services company, has selected Calypso as its front-to-back, group-wide solution for interest rate, FX and credit derivatives.
Erste Bank was looking for a solution which could handle the more exotic interest rate products it offers clients, and also had key strengths in credit derivatives and FX options. The bank was impressed by Calypso's comprehensive functionality and ability to handle a broad range of derivative products. One of the key drivers behind Erste Bank's decision to choose Calypso was the flexibility of the application, which means the bank can add new structures and hybrid products with specific payouts when needed.
"We felt it was time to move to a system that would provide us with a simplified way to trade the exotic products we are using. The strength of integration in Calypso's front-to-back system is extremely important to us; we expect to see significant benefits through managing cross-asset risk and improving STP for flow and structured derivatives", commented Herbert Juranek, Head of Group IT of Erste Bank. "Our decision to use Calypso is based on its ability to support our business now as well as a strategic approach to expanding our derivatives activity in the future. We will be leveraging Calypso's highly extendable platform to gain competitive advantages."
"Derivatives trading and processing are key areas of strength for Calypso, and we welcome the opportunity to become a strategic partner for Erste Bank and look forward to supporting their business development plans", said Charles Marston, CEO of Calypso Technology, Inc. "Erste Bank's selection of Calypso is another step in the substantial increase in our German, Austrian and also Central and Eastern Europe client base; and we have expanded our presence in Germany significantly to meet this demand."
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