Bankernes EDB Central (BEC), a bank-owned provider of technology to financial institutions operating in Denmark, has selected both Calypso’s front-to-back, cross-asset, derivatives trading application and enterprise risk management software.
By selecting the Calypso system, the firm plans to replace its existing in-house developed systems and provide enhanced support to the 68 financial institutions which are owners of BEC.
Upon completion of the phased implementation process, BEC will have a complete front-to-back office, cross-asset trading software, which will act as the core capital markets system supporting the firm’s IT services for its owner banks and customers. The Calypso system will be implemented to allow pricing and trade capture in the front office; limit management and market risk in the middle office; and settlements, payments, trade matching, accounting, reporting, collateral management, cash and securities management in the back office.
“We were looking for a modern platform that could support trading, risk management and operations across multiple asset classes and meet the increased demands for derivatives trading from our member banks,” says Kurt Norrisgaard, Director, BEC. “The Calypso system met the above requirements within one consolidated platform and, importantly, supported our multi-banking operations service where each member bank has unique requirements.”
“By selecting the Calypso system, BEC will be able to offer a superior service. The Calypso solution creates opportunities for increased revenue potential as we will be able to expand our services, respond quickly to demand for trading new products and meet new regulatory requirements for risk management,” continues Norrisgaard. “Our owner banks and customers will benefit from a consolidated straight-through-processing platform.”
“Calypso’s architecture is designed to enable BEC to support the unique requirements of different member banks and respond to ever increasing demands placed on an institution’s risk management process and infrastructure when trading derivative products,” says Charles Marston, CEO, Calypso. “BEC represents a new and very interesting customer segment for us, as the Calypso system is deployed to offer third-party services to the financial industry.”
L.D.