Charlotte, N.C.-based First Union is implementing Calypso Technology's straight-through processing system, to be used by its fixed income derivatives division. First Union wanted an IT framework with a front- to back-office capability allowing the firm to develop new financial products without affecting its efficiency, said Joe Belciglio, managing director of trading technology at First Union Capital Markets Services.
The fixed income derivatives division is currently migrating its trading books onto the Calypso system and expects to have finished by the third quarter. Cost savings from the deployment of a real-time, automated infrastructure are expected, but they haven't been quantified exactly at this time, Belciglio noted. Once the migration has been completed, First Union will see if Calypso has any benefit for other areas of the company, though there are no concrete plans, he added.
