I could have thrown couple of other names and this post would start to be list of competitors. But found the following article:

Interesting article

Initially, I was like “Wow, that’s a big one” (announcement effect), but then before drifting to sleep (couple of hours not later, and not at work!), rethinking about it, I did not see massive synergies.

For instance, posting Calypso entries to the GL (provided if SAP is the GL), is a simple question of report formatting. If SAP is managing business banking, the activity itself due to its pure volume needs to be completely outside Calypso (or whichever trading system) and just send aggregates once or couple of times a day to the trading system for liquidity and risk management. Again it is another interface (and really not a tough one) which would take couple of hours to be codded in Murex.

So I struggle to find big synergies. Even during selection processes, it is not such a game changer (to me).

I know that SAP is like a giant octopus, reaching into far places into companies, so I might forget something. If someone would be kid enough to correct me or expose his point of view, I’d happily discuss it further through the comments here or the forum!