Calypso Technology Inc., a leading provider of capital markets software, and Sernova Financial, an innovative provider of turn-key post-trade services, today announced a partnership to deliver next-generation, cloud-based clearing services. The alliance is designed to lower the barriers to entry into capital markets for both regional banks and investment management firms.
“This is an exciting and unique partnership,” said Calypso Technology Executive Chairman Charles Marston. “Sernova Financial is leveraging the Calypso platform to deliver a viable, long-term solution to a growing problem in our industry. As capital rules have become more prohibitive, we have seen a material decrease in the number of clearing brokers and a concurrent increase in cost. Sernova is transforming the clearing business and will increase access to the capital markets for firms who may otherwise be shut out.”
The current OTC clearing market has undergone significant changes — particularly reduced capacity, increased fees, and uncertain market access. Utilizing proven technology from market leader Calypso Technology, the Sernova Financial platform recreates the shared infrastructure and service elements of a traditional clearing broker. This provides clients with a faster route to market and a lower total cost of ownership than is possible with either in-house or third party solutions.
“The partnership with Calypso will help to democratize capital markets by enabling regional banks and buy-side firms to compete efficiently and flexibly in more markets,” says Venkat Ramasamy, Executive Chairman at Sernova Financial.
By providing access to multiple Central Counterparty Clearing Houses (CCPs), the Sernova platform will enable local banks/investment management firms to “self-clear” and, where appropriate, allow them to service franchise clients through domestic and global CCPs. For clients who continue to favor the traditional operating model, Sernova Financial provides seamless integration across multiple clearing brokers to facilitate a holistic and harmonized view of all cleared trades.
About Calypso Technology, Inc.
Calypso Technology, Inc. is a leading provider of cross-asset front-to-back technology solutions for financial markets. It provides customers with a single platform for consolidation, innovation and growth. With 19 years of experience delivering software and services for trading, risk management, processing and accounting, the Calypso solution helps bring simplicity to complex business and technology challenges. Calypso solutions address needs for the capital markets, investment management, clearing, collateral, treasury and liquidity. Clients can benefit from greater efficiency, improved risk management, better allocation of capital, faster regulatory compliance, quicker time to market and reduced Total Cost of Ownership. Calypso Technology offers solutions that improve reliability, adaptability and scalability.
Calypso is used by over 34,000 market professionals in over 60 countries, representing more than 200 financial institutions across Asia, Americas, Europe, Middle East and Africa. Calypso Technology has over 700 staff in 22 global offices, with headquarters in San Francisco, California. “Calypso” is a registered trademark of Calypso Technology Inc. in the United States, the European Union and other jurisdictions. Other parties’ trademarks or service marks are the property of their respective owners and should be treated as such.
About Sernova Financial
Sernova Financial is an innovative provider of turn-key post-trade services with a focus on clearing and extensions into back-office services such as collateral and integrated risk management. Sernova Financial’s solutions are designed and built by ex-prime service professionals of a top-tier global bank with specialization on intermediation, clearing, collateral, and risk management. Their solution is delivered in partnership with Calypso Technology and TCS.
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SOURCE Calypso Technology