Five of Georgia’s largest commercial banks — Bank of Georgia, TBC Bank, Liberty Bank, Basisbank and Cartu Bank — will introduce a shared Nasdaq Calypso platform for treasury and trading operations, the National Bank of Georgia said.
The project is being carried out with the central bank’s support and under the auspices of the Georgian Financial Markets Treasuries Association (GFMTA). It forms part of the Georgia Financial Markets Development Programme (GMAP).
A shared operating platform
Nasdaq Calypso is an international platform designed to support the full lifecycle of trading operations. Its functions include work with securities and derivatives, risk management, compliance and regulatory reporting.
The system brings front-, middle- and back-office processes together in one infrastructure. For participating banks, the planned rollout is intended to create a more consistent technology base for treasury and market operations.
Financial-market development
According to the National Bank, the adoption of a common infrastructure by the five lenders will be an important step in the development of Georgia’s financial market.
The participating banks account for most banking-sector assets in Georgia, the regulator said. No implementation timetable or financial terms for the project were announced in the statement.
