Erste Bank Group, a leading Central and Eastern European financial services company, has selected Calypso to handle interest rate, FX and credit derivative trading and processing across the group.
Erste Bank says it was looking for a solution that could handle the more exotic interest rate products it offers clients. It also required strengths in credit derivatives and FX options. The bank claims one of the key drivers behind its decision to choose Calypso was the flexibility of the application, which means the bank can add new structures and hybrid products with specific payouts when needed.
"We felt it was time to move to a system that would provide us with a simplified way to trade the exotic products we are using. The strength of integration in Calypso's front-to-back system is extremely important to us; we expect to see significant benefits through managing cross-asset risk and improving STP for flow and structured derivatives", says Herbert Juranek, head of group IT at Erste Bank. "Our decision to use Calypso is based on its ability to support our business now, as well as a strategic approach to expanding our derivatives activity in the future. We will be leveraging Calypso's highly extendable platform to gain competitive advantages."
Charles Marston, CEO of Calypso Technology, says, "Erste Bank's selection of Calypso is another step in the substantial increase in our German, Austrian and also Central and Eastern Europe client base; and we have expanded our presence in Germany significantly to meet this demand."