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