Calypso Technology, Inc., the leading integrated capital markets software provider, today announced that COMDER Central Counterparty has selected Calypso to provide the core clearing platform for a new central counterparty (CCP) for OTC derivatives created by a consortium of Chilean banks.
In response to G-20 mandated OTC derivatives reforms and standardization, a group of Chilean banks led by COMDER is building a new OTC derivatives CCP. 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.
According to Felipe Ledermann, CEO of COMDER, “Calypso is the ideal partner for us given the firm’s proven expertise and experience in OTC derivatives central clearing. COMDER benefits from Calypso’s ability to efficiently implement a best-in-class platform and offer ongoing maintenance and support.”
“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,” Ledermann added. “Also, the commitment to the project given by Calypso´s President and CEO, Mr. Kishore Bopardikar, has played an important role in building a strong relationship between the two companies to meet this important challenge.”
Calypso provides vital OTC derivatives clearing and processing infrastructure to the world’s top clearing houses, including CME, Eurex, BM&FBovespa, TSE, SGX, HKEX and ASX. The Calypso Clearing Solution provides full cross-asset coverage, manages each step in the clearing process and provides visibility into risk for cash and OTC derivatives products on a single, highly scalable platform.
Kishore Bopardikar, President and CEO of Calypso Technology, commented, “We are excited to provide a world-class solution that will enable the Chilean market to move to a centrally cleared derivatives environment. Calypso has established a leading role in global OTC clearing and we are pleased to be supporting COMDER in the development of such an important platform for the country.”