Calypso Technology will provide the core clearing platform under COMDER Central Counterparty for a new central counterparty (CCP) clearing OTC derivatives.
The creation of a new Chilean OTC derivatives CCP by a group of Chilean banks is in response to G20 mandated OTC derivatives reforms and standardization. This new CCP will begin clearing non-deliverable forwards (NDFs) in Q4 2014 and interest rate derivatives (IRD) in Q1 2015.
The CCP will be powered by Calypso for novation, affirmation, registration, limits, initial and variation margins, collateral management, default management and trade repository.
“We see Calypso as a strategic partner for one of the most important projects in the Chilean banking industry. This initiative allows us to build a best-in-class CCP with the highest standards and align with BIS-IOSCO principles for market infrastructures,” said Felipe Ledermann, CEO of COMDER.
New Chilean CCP Planned, Calypso To Power
Calypso Technology will provide the core clearing platform under COMDER Central Counterparty for a new central counterparty (CCP) clearing OTC derivatives.
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