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Chilean banks to launch new CCP and trade repository in 2014

23 July 2013  |  4276 views  |  0 Globe

Capital markets tech firm Calypso has won a contract to provide the core clearing platform for a new central counterparty (CCP) for OTC derivatives created by a consortium of Chilean banks.

The new CCP, dubbed Comder, will begin clearing non-deliverable forwards (NDFs) in Q4 2014 and interest rate derivatives (IRD) in Q1 2015.

Calypso - which already provides core clearing capabilities to CME, Eurex, BM&FBovespa, TSE, SGX, HKEX and ASX - will provide the Chilean community with a software suite capable of handling novation, affirmation, registration, limits, initial and variation margins, collateral management, default management and trade repository.

Felipe Ledermann, CEO of Comder, comments: "This initiative allows us to build a best-in-class CCP with the highest standards and align with BIS-Iosco principles for market infrastructurese."

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