Leading currency management firm to use the Calypso system to support growth
Calypso Technology Inc, a global application software provider of an integrated trading, risk and processing platform to financial institutions and corporate treasuries, today announced the signing of Record plc, a UK listed currency specialist that manages a number of pooled client funds and segregated client accounts. Record has selected the Calypso system to support its growing currency management business.
Record was looking for a robust solution that can scale with the firm’s growth in terms of volume and product complexity. After a thorough system vendor selection process, Record chose the Calypso system for its ability to support its sophisticated FX and FX Derivatives business out-of-the-box for the entire mid and back office transaction life cycle on a single platform. The system will enhance Record’s ability to manage multiple funds with different risk/return profiles for different clients as well as pooled arrangements where the risk and cash management span across funds and client structures.
Furthermore, Record will have the ability to expand its business to complementary product lines knowing that the Calypso system supports a wide range of cash and derivatives products. Record will use the Calypso system for post trade and back office functions, including: pricing, post trade compliance, risk and limit management, real-time and historic reporting, operational risk management and control. Calypso’s workflow driven back office solution will enable Record to increase efficiency, particularly in the areas of settlement, confirmation and cash management.
Paul Sheriff, CFO at Record said, “While we looked at a variety of options, in the end we selected the Calypso system as it was the closest fit to our requirements. The Calypso system will enable us to significantly increase flexibility in product design while reducing the product development lifecycle. We expect the system to aid operational risk management and achieve significant efficiency gains in the trade lifecycle management. Most importantly, the Calypso system will enable us to deliver a better service to our customers by being able to scale in terms of both traded volumes and in the variety of instruments supported. Our customer service will be further improved from the sophisticated reporting tools utilizing the Calypso system.”
Record is currently implementing the Calypso system and is planning to go live in Q3 of 2010. The Calypso system will interface with the existing system infrastructure, including Record’s proprietary algorithmic trading applications and external data providers.
“Calypso will allow Record to better support the unique needs of its pooled and individual client funds by helping them respond quickly to new market opportunities,” added Charles Marston, Chairman and CEO of Calypso Technology. “Record is a welcome addition to our expanding asset management client base and we are looking forward to helping them grow.”
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