Calypso Technology, the global capital markets platform provider, announced today that Industrial Bank of Korea (IBK), the majority government-owned South Korean bank, has gone live with the Calypso system to support its front office functions.
The software solution has been selected to provide the bank with the opportunity to develop their commodities and credit trading businesses and automate the processes on their FX derivatives desk, allowing them to enhance the overall scope of products offered to their client base.
IBK was seeking an open, scalable and flexible solution which would seamlessly integrate with existing in-house systems and support multiple asset classes for future growth and development. The system will help eliminate and streamline manual processes, reducing operational risks and addressing performance issues incumbent to an ageing infrastructure. The system will help achieve increased straight-through-processing (STP) from front-to-back. The Calypso Front Office solution delivers extensive functionality including pricing, trade capture, Calypso Workstation (one-stop shop for trading, cash positions, P&L modeling and simulation) and desk level market risk functionality incorporating historical VaR and stress testing scenarios.
Throughout the implementation process, Calypso's rapid deployment solution, Calypso Fast-Track, was leveraged to deliver strong project methodology, providing business specifications, documentation, market-standard configurations, and local language training. Working alongside Korea-based consultant-partner NOA-ATS, Calypso ensured that the implementation was in a short timeframe of 6 months and on budget.
Dr. Hyung Seok Hahm, Trading Department & Project Initiator, IBK, commented, "Calypso Technology has delivered a flexible platform that brings performance and robustness to our existing FX derivatives desk, and that allows us to expand into new business areas, respectively credit and commodity derivatives. We have chosen the Calypso system among many solutions for a number of reasons. First, Calypso Technology is a market leader for credit derivatives. Secondly, they are able to provide first level support locally onsite. And the Calypso system also meets our requirement that the solution should be flexible and able to integrate our in-house pricing engines."
"This project is a testimonial of Calypso Technology's commitment to the East Asian markets and of our ability to provide services and local support," added Charles Marston, CEO and chairman, Calypso Technology. "We look forward to working with IBK and assisting them as their business expands and diversifies."