DLA Piper advises Georgian Financial Markets Treasuries Association on strategic partnership with Nasdaq

DLA Piper has advised the Georgian Financial Markets Treasuries Association (GFMTA) on an information technology agreement with Nasdaq to introduce a shared treasury platform for five of Georgia’s leading banks, modernising the treasury and financial markets infrastructure across Georgia’s banking sector, using the Nasdaq’s Calypso treasury platform.

Participating banks include Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank, who will adopt the Nasdaq Calypso platform through a shared infrastructure model. Unlike a traditional single-client implementation, the platform will be centrally hosted, with each of the five participating banks operating as a separate entity within the same system while maintaining complete segregation of its data.

The platform will cover the complete trade lifecycle from front-office deal capture and pricing, through middle-office risk management and compliance, to back-office settlement, accounting, and financial reporting. Delivered under the Georgian Market Advancement Program and coordinated by the GFMTA, a professional industry body established by Commercial Banks, other Financial Institutions, and the National Bank of Georgia, the initiative establishes a common technology platform designed to enhance operational efficiency, resilience and collaboration across Georgia’s banking sector.

A team from DLA Piper’s Dubai office worked on the matter led by Intellectual Property and Technology partner Rami Zayat. He was supported by senior associate Andrew Morrison.

Rami Zayat, partner, commented: “This transaction represents a highly sophisticated consortium-based operating model, requiring careful consideration of the differing technical, commercial and operational requirements of each participating bank. By adopting a shared platform, Georgia’s leading banks will benefit from world-class treasury technology and deep institutional expertise, while sharing the costs and operational complexities of implementation.”