Synechron Implements Calypso Solution For SIX, Swiss Financial Services Provider and Infrastructure Operator for the Swiss Stock Exchange
Synechron is proud to share in the success of the launch of the brand new Calypso implementation for SIX, the Swiss financial services provider that also operates the Swiss Stock Exchange.
Synechron is proud to share in the success of the launch of the brand new Calypso implementation for SIX, the Swiss financial services provider that also operates the Swiss Stock Exchange. Synechron was chosen as systems integrator in collaboration with Calypso for the Swiss Stock Exchange’s SFR (Securities Finance Renewal) project which aims to modernize the post-trade services process that the exchange, as a triparty agent, offers its clients.
This innovative project (the first Calypso implementation to manage a triparty agent activity) is divided into two phases and delivery on 15 June 2020 marks the end of phase 1.
The project includes teams from SIX, Calypso and Synechron working in close collaboration and with Synechron notably using its European Delivery Center in Novi Sad (Serbia) to provide some of the team members.
« As a certified Calypso partner, Synechron gave us access to its considerable expertise and knowledge of Calypso’s methodologies and best practices and a strong working relationship with the vendor, which was a key success factor for this extremely important project » explained Nerin Demir, Head of Securities Finance & Market Data at SIX.
A full and innovative implementation
From the outset, Synechron and Calypso consultants were present at all stages of the project: development, implementation, test campaigns with clients, launch and production support. This teamwork made agile delivery of the Calypso implementation possible, using development and configuration best practices to ensure easy maintenance of the platform for SIX.
In addition to the development and configuration teams, Synechron also set up a dedicated quality team in Serbia, allowing the other consultants to focus on the project’s business aspects. Synechron also participated in some front-end web development for external users.
Commenting on the launch, Valerio Roncone, Head Future Business, Securities & Exchanges, SIX said:
« The collateral management process has – until now – been fragmented and unwieldly for many stakeholders. With our new Triparty Agent, we have created a hub that will harness the power of automation and intelligent data usage to give repo professionals, traders, treasury professionals, and other stakeholders full control over their collateral. Through this technology, manual tasks like monitoring and adjusting will no longer require attention, and professionals can focus on what matters: driving efficiency, accountability, and accuracy. »
Key success factors
One of the project’s key factors for success is the close collaboration between the three companies: SIX, Calypso and Synechron. Also, for the integrator and vendor, working hand in hand is crucial when it comes to solving problems that inevitably arise in such a major project.
Synechron’s Calypso Center of Excellence was also made available for essential training to onboard new starters. Regular short-distance trips between Zurich and Serbia and daily video-conferencing sessions with no time difference helped develop team spirit rapidly among all the participants.
« We, together with the Swiss Stock Exchange and backed by our partner Calypso, are very proud to have contributed to the success of this innovative and major project for the Swiss financial infrastructure. The project combines all our financial software implementation expertise acquired over the years. We are confident and excited about phase 2 of the project which has already begun » added François-Bernard Mizrahi, Managing Director of Synechron.
About SIX
SIX operates and develops infrastructure services in the Securities & Exchanges, Banking Services and Financial Information business units with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center. The company is owned by its users (122 banks). With a workforce of some 2,600 employees and a presence in 20 countries, it generated operating income of CHF 1.13 billion and Group net profit of CHF 120.5 million in 2019.
About The Swiss Stock Exchange.
The Swiss Stock Exchange combines the dynamism of Europe’s 2nd biggest stock exchange* with the stability and reliability of one of the industry’s most respected post-trade service providers. Covering the entire securities value chain, The Swiss Stock Exchange is your single source for Listing, Trading and Post-Trade services, as well as the gateway to the future of value exchange with the SIX Digital Exchange.
It offers outstanding liquidity in trading of Swiss securities and connects companies from around the world with international investors and trading participants. The Swiss Stock Exchange blends the geographical advantages of the Swiss financial center with world-class services making it the ideal listing location for companies of every origin, size and sector.
The Swiss Stock Exchange offers comprehensive services in the areas of securities trading, clearing, settlement, Swiss & international custody, securities finance, collateral management and tax services. The Swiss Stock Exchange is part of SIX which also owns the Spanish BME and provides global financial information and Swiss banking services.
*By free float market cap as at 1 April 2020
About Synechron
Synechron is a leading Digital IT Consulting firm for financial services, Accelerating Digital for financial institutions by providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500+M in annual revenue. For more information please visit the our LinkedIn community.
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