Otkritie to roll out Calypso in London and Moscow
Russian broker Otkritie has gone live with the first phase of a new project to bolster its London and Moscow front and back office operations, including collateral management, replacing in-house systems with Calypso platforms.
The Calypso technology will help Otkritie to reduce its costs by increasing levels of automation and straight-through processing, while cutting the number of systems needed to run and upgrade its operations.
In the front office, Otkritie will use Calypso for trade capture, price validation, P&L reporting and calculation and position capture. In the back office , Calypso will be rolled out as a platform to cover collateral management, cash and securities reporting, corporate actions, regulatory trade reporting, settlement and reconciliation.
Otkritie is expecting its trading volumes to grow significantly in the next few years, especially for direct market access trading.
“Russia represents an exciting and vibrant market for us and we are pleased to be working with an innovative leading organisation such as Otkritie,” said Charles Marston, chairman and chief executive at Calypso. “We look forward to assisting Otkritie with their growth plans.”
Earlier this month, Otkritie also partnered with financial technology company SunGard to launch a new direct market access service that should make it easier for investors to access Russia’s capital markets.