Calypso Technology, Inc., a leading provider of cross-asset front-to-back technology solutions for financial markets, has successfully implemented its award-winning solution at BCS Global Markets, the Global Markets and Investment Banking division of Russia’s BCS Financial Group.
BCS Global Markets selected the Calypso platform because of its seamless end-to-end processing across multiple asset classes and its ability to replace their existing legacy systems. The project has increased automation and operational consolidation for BCS Global Markets, while laying the foundation for the existing and future IT landscape.
“The decision to upgrade our back office system was driven by our rapidly-growing business, which required implementing complex products for our clients, and updating our business and compliance requirements to increase our range of product offerings and control functions respectively, which necessitated greater automation and coordination of back office tasks,” commented Alexander Smelskiy, Head of Strategic IT Platform Development, BCS Global Markets.
“Given BCS Global Market’s international expansion, it was important for us to provide support for current and future business needs by implementing known and proven market solution. Calypso has all of the functional and technical capabilities we need. We see Calypso software as the main back office solution for all BCS Global Markets companies in the future,” added Ilya Batay, CIO, BCS Global Markets.
Today, BCS Global Markets processes at least two million transactions per day across all aspects of back office functionality, including trade settlement, trade confirmations, settlement matching, and client, regulatory, internal and management reporting, which were fully customized to suit current business process requirements using Calypso. All development work at BCS was performed by internal and external resources. The final configuration set up was validated through independent health check for both technical and performance aspects using Calypso consultants. The results confirmed the setup and quality of the system, giving the green light to the implementation.
Calypso CEO Didier Bouillard commented, “We are delighted that BCS Global Markets has successfully implemented the Calypso solution across its back office operations. The emerging markets, including Russia and the CIS, are strategic for Calypso, and we will continue to invest in these regions to provide solutions that bring global-standard market practices with local conventions.”
Contributed | what does this mean?