01
UK Dealing & Execution function
Established a new UK Dealing and Execution function and the associated Middle Office operations, with target operating model, controls and run-the-bank handover.
Case study
Calypso platform delivery for a major superannuation fund
A Major Australian Superannuation Fund · Liquidity & Treasury Management
- Industry
- Superannuation & Pensions
- Region
- United Kingdom · Australia
- Duration
- Multi-year programme
At a glance
We implemented Calypso as the trade execution and settlement platform for liquidity and treasury across the UK and Australia — trading workflows, venue integration, middle-office design and regulatory reporting — and internalised A$10bn of externally-managed portfolios onto the in-house platform.
- A$10bn
- Portfolios internalised
- $20m
- Programme budget led
- 2 jurisdictions
- Delivered live across the UK and Australia
The engagement
Overview
A leading Australian superannuation fund, with over A$100 billion assets under management, engaged Capmark to implement Calypso as their trade execution and settlement platform for Liquidity and Treasury Management operations across the UK and Australia. The programme required a unified platform to sweep surplus cash across portfolios and integrate with multiple trading venues, custodians and regulatory reporting regimes.
The challenge
What we were asked to solve.
The fund required a unified platform to sweep surplus cash across portfolios and enable trading of Bonds, Futures, Equities, FX, Repos, Term Deposits and Interest Rate Swaps, while integrating with multiple trading venues and custodians and meeting DTCC and MAR regulatory reporting requirements. At the outset, operations ran only in Australia, with the middle office outsourced to a leading custodian and part of the portfolio externally managed. The fund needed to insource those operations, stand up a new UK dealing and execution desk and operations team, and bring the externally-managed portfolios in-house.
Our approach
How we delivered.
We led a team of nine professionals across business analysis, project management, change management and testing disciplines, managing a $20 million budget.
02
Calypso platform configuration
Configured Calypso as the trade execution and settlement platform across multiple asset classes: Bonds, Futures, Equities, FX, Repos, Term Deposits and Interest Rate Swaps.
03
Venue and custodian integration
Integrated Calypso with FXAll, Tradeweb, EMSX, Bloomberg VCON, Markitwire and LCH, plus the fund's global custodian to establish fund accounting and NAV processes.
04
Regulatory reporting
Stood up DTCC and MAR regulatory reporting, with controls and surveillance aligned to UK and Australian regimes.
05
Insourcing & change
Insourced the middle office from a leading custodian and stood up new operations teams in both the UK and Australia for trade processing and settlement, internalising A$10 billion of previously externally-managed portfolios and transitioning the mandates and books onto the in-house investment platform and operating model.
The outcome
The measurable impact.
Successful implementation enabled real-time portfolio cash sweeping, seamless trade execution across multiple asset classes, and full regulatory compliance. The fund internalised A$10 billion of externally-managed portfolios and operates an insourced Middle Office — brought in-house from a leading custodian — across both jurisdictions for trade processing and settlement.
- A$10bn
- Portfolios internalised
- $20m
- Programme budget led
- 2 jurisdictions
- Delivered live across the UK and Australia
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