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.
According to Felipe Ledermann, CEO of COMDER, "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," Ledermann added."
Calypso provides vital OTC derivatives clearing and processing infrastructure to the world's top clearing houses, including CME, Eurex, BM&FBovespa, TSE, SGX, HKEX and ASX. The Calypso Clearing Solution provides full cross-asset coverage, manages each step in the clearing process and provides visibility into risk for cash and OTC derivatives products on a single, highly scalable platform.
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