RiskTech Forum

Calypso Teams With Sernova For Cloud-Based Clearing

Posted: 5 May 2016  |  Source: Banking Tech

Calypso Technology, a provider of treasury and capital markets (TCM) software, and Sernova Financial, a turnkey post-trade services provider, have partnered to deliver cloud-based clearing services.

Sernova Financial will use the Calypso platform, which “recreates the shared infrastructure and service elements of a traditional clearing broker”.

Charles Marston, executive chairman of Calypso, says: “As capital rules have become more prohibitive, we have seen a material decrease in the number of clearing brokers and a concurrent increase in cost.”

Calypso says the cloud platform provides access to multiple central counterparty clearing houses (CCPs), which will enable local banks/investment management firms to “self-clear” and, where appropriate, allow them to service franchise clients through domestic and global CCPs.

Calypso adds: “For clients who continue to favour the traditional operating model, Sernova Financial provides seamless integration across multiple clearing brokers to facilitate a holistic and harmonised view of all cleared trades.”

When rumours end

While new deals carry on, behind the scenes Calypso is to be acquired by European private equity fund Bridgepoint and global growth equity investor Summit Partners.

Pascal Xatart, president of Calypso, says the deal means the “arrival of a new investor base” which will support its “growth ambitions”.

The vendor has been owned by its founders since its inception in 1997, and the rumours about its sale have circulated in the market more than once over the years.