Live on OTC derivatives clearing and cross-margining
Calypso Technology Inc., the leading integrated capital markets software provider, announced today that the Australian Securities Exchange (ASX) has cleared its first OTC derivatives transaction on its OTC clearing service that uses the Calypso System as the core clearing platform. The ASX OTC Derivatives Clearing Service launched on July 1st, 2013, with client clearing for Australian clients expected to be commercially launched in Q2 2014.
ASX, one of the world’s top 10 listed exchange groups, uses the Calypso solution to support OTC derivatives dealer-to-dealer clearing of standardized Australian Dollar (AUD) denominated interest rate swaps. ASX offers a cross-margining service on Calypso, enabling clearing members to offset initial margin between their interest rate swaps and 24 ASX exchange-traded interest rate futures products positions, thereby reducing the overall portfolio margin requirements. The Australian dealer community has expressed support for this service, as it retains their collateral onshore and facilitates capital efficiency via the clearing of OTC and exchange-traded derivatives together. ASX plans to offer AUD interest rate client clearing by Q2 2014, and is working with foundation customers comprising major Australian asset managers and state government treasuries.
Key factors in the selection of the Calypso platform for OTC clearing were Calypso’s market leadership in OTC derivatives clearing software and experience in working with 9 global CCPs. The Calypso system provides end-to-end clearing operations, risk management and connectivity between CCPs and clearing member firms.
Peter Hiom, Deputy CEO of ASX, said “ASX chose Calypso as a provider with deep experience in OTC derivatives clearing to help deliver the best solution to meet the needs of the Australian marketplace.”
“Calypso is at the forefront of the expansion of OTC clearing platforms around the world”, says Charles Marston, Chairman and CEO, Calypso Technology. “Calypso OTC clearing is a proven, future-proof solution that enables efficient and competitive entry into new markets and clearing of new products. We look forward to continuing our partnership with ASX and delivering the next phase - client clearing in Australia.”
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