Leading Mid-Tier US Bank Selects Nasdaq Calypso to Digitalize Its Foreign Exchange Business
The bank automates its FX activities, scales processes, and enhances customer interactions with the Nasdaq Calypso FX solution, secure CapCloud™, and e-FX portal
Compelling Event and Decision Drivers
Operating in a volatile FX environment driven by geopolitical challenges, central-bank actions, trade policies, and post-pandemic dynamics, the bank found its technology infrastructure lacking — both from functional and operational points of view — and thus, unable to meet its ongoing operational needs or revenue growth objectives. In the near term, the bank foresaw the need to mitigate regulatory compliance risks especially with the looming pressure to implement DTCC GTR and the SWIFT move to the ISO 20022 standard. Therefore, the bank sought transformational change — namely, the digitalization of its FX operations to carry it into the future.
Its more immediate objectives were to:
- Implement a strong automated platform with real-time P&L and risk that enables the desk to quickly act/react, and supports related internal functions such as sales and trading integration with full audit capabilities along with real-time books and records
- Provide its corporate customers with a more efficient service via electronic channels
More holistically, the client wanted a platform and solution that would flexibly position it for growth and create the potential for cross-asset expansion.
Fully Integrated, CapCloud Front-to-Back FX Solution and e-FX Portal
With the agile Nasdaq Calypso solution, both traders and sales desks benefit from having a fully digitalized consolidated view of their fast-moving FX arena. The solution connects to execution venues and automatically provides real-time positions, risk, P&L, and position routing updates. Its automated workflows and trade lifecycle processes deliver designated exception management with real-time accounting postings — powering higher STP rates.
In addition, the integrated e-FX Portal for customers automates price publishing, trade execution, confirmation/affirmation, and cash movements across currency accounts, and facilitates currency payments to third parties.
More Benefits
- Reduced technology footprint with a scalable, extensible, and modular architecture
- Accelerated onboarding by tapping into our deep implementation expertise and guidance
- Potential expansion into other capital markets activities, including interest-rate derivatives and treasury functions, leveraging our cross-platform ecosystem (Nasdaq Calypso + Nasdaq AxiomSL for risk and regulatory reporting)
We are delighted that a growing US regional bank is partnering with Nasdaq for strategic digitalization of its FX business, encompassing its customer base. This solution enables the client to automate its FX trading flow from trade inception to regulatory reporting, unlocking growth potential with a modern stack.
In addition, we welcome the bank to the CapCloud family as it embarks on its cloud-transformation journey and leverages managed services for optimized TCO and superior user experience.
- Gil Guillaumey, Head of Capital Markets Technology, Financial Technology, Nasdaq
