SINGAPORE, June 11, 2013 /PRNewswire/ -- Calypso Technology, Inc., the leading integrated treasury and capital markets software provider, announced today that Bank of Korea, responsible for managing the world's 7th largest foreign exchange reserves of $329 billion USD, has gone live with Calypso's front-to-back office solution to manage their sizable portfolio.
In a rapidly changing global environment, Bank of Korea was looking to manage its foreign reserves management investment strategies more efficiently, by improving operational stability and increasing return on investment. Calypso's solution is designed to enable the Bank of Korea to manage investment strategies more efficiently. By integrating workflow in a single front-to-back platform improving STP efficiency and operational stability, Calypso provides the bank with the ability to support investment management decision across a wide range of products including FX, MM, Equities, commodities, fixed income and interest rate derivatives.
The Bank of Korea FROMs2 (Foreign Reserve Operation and Management System) go-live ceremony in Seoul earlier this year was attended by the Governor of the Bank of Korea, Mr. Jung Su Kim and executives and members of Bank of Korea. Charles Marston, Chairman and CEO represented Calypso. Marston commented, "I was honored to be involved in the go-live ceremony and we are very excited to support Bank of Korea's strategy. Our solution enables greater efficiencies and reduces operational risk across the foreign reserve business. This partnership demonstrates the value of our software and our dedication to working with this sector and region."
During the implementation process, Calypso provided subject matter expertise support to work alongside their system implementation partner NOA-ATS -- a Korea-based consultant which has worked with Calypso Technology since 2004. Calypso and NOA-ATS managed the project to ensure it was delivered on time and within budget.
"Bank of Korea expects to improve its operational stability and increase return on investment through managing our investment strategies more efficiently by implementing the Calypso solution. Calypso, along with NOAATS, were the ideal partner for us. They demonstrated solid knowledge of our business throughout the engagement, leading us to a successful deployment on time and within budget," added the manager of Bank of Korea.
About Calypso Technology, Inc.
Calypso Technology, Inc. is a premier global capital markets platform provider, serving financial institutions of all types with a full range of integral cross-asset front-to-back office solutions for treasury and derivatives including trading, risk, processing, clearing, collateral, cash management, liquidity, accounting and reporting. The Calypso platform is steadily emerging as a global standard for capital markets businesses and serves as an ideal foundation for innovation and future growth.
Calypso has over 160 clients in over 40 countries - including banks, central banks, sovereign funds, asset managers, insurers, hedge funds, prime brokers, exchanges, clearing houses, processing services and other service providers. Calypso is committed to industry-renowned levels of customer service, research, development and innovation. The company has over 650 employees and 18 offices globally. "Calypso" is a registered trademark of Calypso Technology, Inc. in the United States, the European Union and other jurisdictions. http://www.calypso.com/
About NOA-ATS
NOA Advanced Technology Solutions has played major roles in many implementations of trading systems and treasury management systems for various Korean financial institutions. NOA has been closely working together with Calypso Technology, Inc. since 2004 as a local sales partner and a local support. The size of total assets managed by treasury systems NOA has delivered to its clients has reached 600 billion dollars as of 2009 and is growing fast as the clients grows its treasury businesses. http://noaats.com/
About Bank of Korea
The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act.
The Bank of Korea was originally established with a capital of 1.5 billion won, all of which was subscribed by the Government, but the amendment of the Bank of Korea Act in 1962 made the Bank a special juridical person having no capital.
The primary purpose of the Bank, as prescribed by the Act, is the pursuit of price stability. The Bank sets a price stability target in consultation with the Government and draws up and publishes an operational plan including it for monetary policy.
To this end, the Bank performs the typical functions of a central bank: issuing banknotes and coins, formulating and implementing monetary and credit policy, serving as the bankers' bank and the government's bank. In addition, the Bank of Korea undertakes the operation and oversight of the payment and settlement systems, and manages the nation's foreign exchange reserves. It also conducts supervisory functions for financial institutions as stipulated in the Bank of Korea Act. http://www.bok.or.kr/eng/engMain.action.
