The Calypso software system has been implemented as a central installation in Prague, offering remote access to other office locations.
The Calypso platform offers Wood & Company a solution for securities, treasury, fixed income and derivatives within one integrated application that has enabled the bank to replace a number of existing systems in the middle- and back-office environment.
The system also allows Wood & Company to monitor, plan and report on the balance and flow of cash and securities accounts, as well as allocate expenses to transactions according to selected parameters and report the required details.
The first phase of the implementation project was completed within the time frame of six months. Phase two and three of the project will focus on adding more products and risk functionality to support the brokerage business, as well as including more processes for settlement, accounting, collateral management, fund management and asset management.
Moreover, the Calypso system will connect to the local exchanges and counterparties via Swift and specific protocols. Upon completion of phase three, the bank will be able to monitor the entire trade lifecycle across all products in real time, enabling accurate risk analysis and transparent reporting.
Andrea Ferancova, partner and director of capital markets at Wood & Company, said: “Implementing the Calypso system will enable us to grow our business while keeping costs under control. Conservatively speaking, the platform will improve our operational efficiency by 75% and will save us 25% in operations resources. We have gained real savings in areas like cash management, and we can now direct our resources to developing value-added customer services.
Charles Marston, CEO of Calypso Technology, said: “We are very excited to work with a leading investment banking house like Wood & Company, and to see the increasing demand coming out of Central and Eastern Europe.”
Calypso is a global application software provider that delivers an integrated suite of trading applications to the capital markets function within banks and other companies participating in the world’s financial markets.