Calypso Technology Inc., a global provider of an integrated trading application suite to the capital markets industry, today announced that Emirates NBD, the largest bank in the GCC (Gulf Cooperation Council) in terms of assets has selected Calypso software as its cross-asset, front-to-back solution for trading credit, equity, interest rate, and FX derivatives as well as FX, money market, and fixed income.
With the credit markets expanding rapidly in the Middle East, Emirates NBD was seeking a comprehensive cross-asset system with strong derivatives support to meet increasing client demand. After evaluating a number of systems, Emirates NBD selected Calypso Technology not only for the strength of its software platform, but also for its partnership approach.
Emirates NBD will benefit from a consolidated view of profit and loss and risk across asset classes, the ability to trade new complex structured products, and the reduction of operational risk as well as costs. Emirates NBD will be implementing the Calypso software platform to its locations within Dubai and other regional and international markets.
"In light of the increasing demand for structured products over the past year, and in line with our commitment to adopt best international practices in the banking industry, Emirates NBD has selected Calypso Technology as our business partner to provide us with a comprehensive cross-asset system. We are confident our relationship with Calypso will bring benefits to our clients, employees and shareholders", said Abdullah Qassem, general manager Information Technology and Operations at Emirates NBD.
"Emirates NBD is a leading bank in the Middle East and we are delighted to be helping them grow their capabilities and reach," said Charles Marston, ceo of Calypso Technology. "Our work and relationship with Emirates NBD is demonstrative of our commitment to providing financial institutions with an innovative solution that addresses all their trading requirements, particularly in this constantly evolving market."