Nasdaq Calypso
Nasdaq Calypso is a cross-asset, front-to-back platform for capital markets and treasury. A single integrated system runs the full trade lifecycle — front-office trading and pricing, middle-office risk and P&L, and back-office confirmation, settlement and accounting — across cash and derivatives. Formerly Calypso Technology, then part of Adenza, it is now sold by Nasdaq. This guide covers the architecture, the asset coverage, and where it fits in the stack.
Cross-asset coverage
Calypso's selling point is breadth: cash and derivatives across virtually every major asset class on one platform, so a single risk and settlement pipeline serves the whole institution.
| Asset class | Representative products |
|---|---|
| FX | Spot, forwards, swaps, NDFs, FX options |
| Money markets | Deposits, loans, repo, reverse repo, CP/CD, funding |
| Fixed income | Government & corporate bonds, bond futures, inflation-linked |
| Interest-rate derivatives | IRS, OIS, basis swaps, caps/floors, swaptions, FRAs |
| Credit derivatives | Single-name and index CDS, structured credit |
| Equities | Cash equities, equity swaps, options, synthetic financing |
| Commodities | Commodity swaps, forwards and options |
| Securities finance | Repo, securities lending & borrowing, collateral |
| Structured / synthetic | Structured finance, synthetic financing, prime services |
Functional modules layered on top
Market, credit & XVA
Real-time and batch risk: sensitivities, VaR, limits, counterparty credit and the XVA family (CVA/DVA/FVA), bridging trading and portfolio management.
Margin & collateral
Bilateral and cleared margin, CSA management, collateral optimization and — via partnerships — tokenized collateral workflows.
Liquidity & funding
Multi-asset treasury: cash and liquidity management, funding, ALM and hedging on the cloud-ready Calypso Treasury module.