Otkritie Securities, the U.K.-based subsidiary of Russian financial services provider Otkritie Financial Corporation, has adopted Calypso Technology systems to support its front- and back-office operations.
The Calypso solution consolidates the number of systems required to run and upgrade Otkritie's operations.
In the front office, Calypso will support treasury repo and funding, securities lending and borrowing, FX, loans and deposits. In the back office, operations handled by the Calypso platform 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.
Otkritie already has gone live with Calypso for front office operations and is now consolidating its back-office platform with the software provider.
"In order to support our plans for future growth, we need a system that will be flexible, scalable and leveraged across all asset classes," says Yury Yartzev, head of IT Otkritie Capital from Otkritie Securities. "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, says: "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."