Bankernes EDB Central (BEC), an IT provider owned by a consortium of Danish banks, has signed for trading and risk management technology from Calypso.
BEC - which provides IT systems and services for its 68 owner banks and customers in Denmark - has selected Calypso's front-to-back, cross-asset, derivatives trading platform and enterprise risk management technology to replace in-house legacy systems.
Once the phased implementation is completed, the Calypso technology will act as the core capital markets system, supporting the firm's IT services for its owner banks and customers.
The vendor says its system will enable pricing and trade capture in the front office, limit management and market risk in the middle office, and settlements, payments, trade matching, accounting, reporting, collateral, cash and securities management in the back office.
Kurt Norrisgaard, director, BEC, says: "We were looking for a modern platform that could support trading, risk management and operations across multiple asset classes and meet the increased demands for derivatives trading from our member banks. The Calypso system met the above requirements within one consolidated platform and, importantly, supported our multi-banking operations service where each member bank has unique requirements."