Operations Newsflashes: Bear Stearns Consolidates Derivatives Trading and Processing on Calypso, and more

Bear Stearns Consolidates Derivatives Trading and Processing on Calypso

Bear Stearns has selected Calypso Technology as its front-to-back system for derivatives, the San Francisco-based technology company announced on Thursday.

Bear Stearns is consolidating its trading and processing for credit, interest rate and equity derivatives onto a single platform.

In a statement in the release, Peter Cherasia, chief information officer at Bear Stearns said, "There was a need to make changes in the business to improve efficiency. Our vision was of a derivatives operation that was streamlined from front to back, and we opted to achieve this through the use of Calypso's integrated solution."

Also in the release Charles Marston, chairman and CEO of Calypso Technology, Inc., states that "In rationalizing its technology, Bear is actively addressing a problem faced by many trading organizations."

FIMAT Expands U.S. Equity Clearing via PreferredTrade Acquisition

Fimat will expand its global brokerage services to include clearing the entire U.S.-listed equities complex as a result of acquiring the assets of SanFrancisco-based PreferredTrade, an equity broker. Fimat said it had signed a definitive agreement to acquire certain assets of PreferredTrade last Thursday.

Fimat Preferred has been set up as a company to house the assets acquired from Preferred Trade. The deal is expected to close during the summer of 2005. PreferredTrade currently specializes in direct-access electronic trade services for its customers.

Upon closing, Douglas Engmann, chief executive officer of Preferreed Trade, will be appointed CEO of Fimat Preferred, managing director for equities, Fimat North America. Engmann previously held the role of managing director, ABN AMRO Clearing & Execution Services.