Calypso will clear for new Chilean CCP 23 July 2013San Francisco Reporter: Georgina Lavers
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COMDER Central Counterparty has selected Calypso to provide the core clearing platform for a new central counterparty for OTC derivatives created by a consortium of Chilean banks.
In response to G-20 mandated OTC derivatives reforms and standardization, a group of Chilean banks led by COMDER is building a new OTC derivatives CCP.
This new CCP will begin clearing non-deliverable forwards (NDFs) in Q4 2014 and interest rate derivatives (IRD) in Q1 2015.
The CCP will be powered by Calypso for novation, affirmation, registration, limits, initial and variation margins, collateral management, default management and trade repository.
Felipe Ledermann, CEO of COMDER, said: “Calypso is the ideal partner for us given the firm’s proven expertise and experience in OTC derivatives central clearing. COMDER benefits from Calypso’s ability to efficiently implement a best-in-class platform and offer ongoing maintenance and support.”
“We see Calypso as a strategic partner for one of the most important projects in the Chilean banking industry. This initiative allows us to build a best-in-class CCP with the highest standards and align with BIS-IOSCO principles for market infrastructures.”
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