Pierpont Derivatives, the derivatives division of broker-dealer Pierpoint Securities, has gone live with a platform from Calypso in the launch of a new swaps trading business. The firm uses the platform for trade pricing and capture, consolidated P&L and risk management for interest rate swaps, futures and treasuries.
The firm says it selected the Calypso technology based on its advanced front-office functionality for OTC derivatives and other capital market products, as well as its central clearing capabilities and seamless integration with swaps market participants.
The Calypso System provides Pierpont Derivatives with robust curve construction capabilities to ensure the firm is utilizing the most current valuation techniques. It also enables the firm to clear, directly and centrally, its interest rate swaps through its clearing broker, or futures commission merchant, on CME Clearport and the SwapClear platform of LCH.Clearnet through a MarkitWire interface.
Akshay Das, managing director and head of Derivatives at Pierpont Derivatives, says speed to market was one of the crucial deciding factors in selecting Calypso.
We needed an innovative technology solution that could comprehensively support the launch of our new business as well as allow us to enter new derivatives trading markets in the future, he says. Calypso was the obvious choice. The Calypso team delivered the expertise and flexibility to quickly get us up and running with the specific capabilities we needed.
(CG)