Calypso Technology, the global capital markets platform provider, announced that its award-winning Calypso solution has been successfully deployed at leading emerging markets investment bank Renaissance Capital as a strategic cross-asset back-office solution for the bank's operations.
The first phase of the project covers American Depository Receipts and Global Depository Receipts with an aim to provide increased automation and operational consolidation as well as to integrate the Calypso platform into Renaissance Capital's existing IT landscape as a sound foundation for future business lines.
After Renaissance Capital conducted an extensive selection process that included several domestic and international software vendors, the Calypso System was selected on the basis of its seamless end-to-end processing across multiple asset classes and ability to replace a number of existing legacy systems.
"The decision to upgrade our back-office operations was driven by rapidly increasing trade volumes which necessitated greater automation and coordination of back office tasks," commented Adam Mitchell, Renaissance Capital's Chief Information Officer.
"Given Renaissance Capital's expansion, it was vital we had a proven solution that could be easily implemented for current needs and expand to meet future growth objectives," added Andrey Burilov, Renaissance Capital's Head of Operations and Compliance.
Phase one of the project was completed in less than 12 months. Renaissance Capital is currently in the process of completing the second and third phases of the project with expected go-lives throughout 2012. These phases will cover additional asset classes: FX/MM, fixed income, derivatives, repo and equities; and functionality such as cash management and client accounting.
Calypso's Chairman and CEO, Charles Marston, said, "Emerging markets are important for Calypso and we will continue to invest into these regions to provide solutions that package market best practices in conjunction with local conventions."