Credit Suisse Leader in Global Cleared Derivatives Selects FIS Derivatives Utility05.25.2016 By John D'Antona Editor, Traders Magazine
FIS.com –JACKSONVILLE, Fla. —Credit Suisse, a leader in the global cleared derivatives industry, has selected the Derivatives Utility from FIS™ (NYSE: FIS), a global leader in financial services technology, for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology.
The FIS Derivatives Utility was designed to help global capital markets firms better adapt to market challenges by enabling market participants, including futures commission merchants (FCMs), to achieve greater efficiencies by leveraging economies of scale in middle- and back-office processing and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management.
“The evolution of derivatives markets has increased both the demand and the necessity for innovative solutions that transform the business model for derivatives clearing,” said Marianne Brown, chief operating officer, Institutional and Wholesale, FIS. “Our vision for a derivatives utility uses FIS’ existing, market-leading IP to reduce operational risks and costs while increasing efficiency throughout the industry. By providing industry leadership and a potential path for the market, we look to achieve best practices around standardized processes that can benefit all market participants. Credit Suisse brings broad depth and expertise in cleared derivatives, as well as an extensive worldwide footprint.”
“As the market moves away from bilateral swaps and towards cleared products, Credit Suisse is better positioned to continue to deliver innovative solutions and products to our clients in the most efficient manner possible. Leveraging the FIS Derivatives Utility will allow us to spread the cost of innovation amongst a larger group of firms by creating a standardized solution developed by the industry’s top experts.” said John Dabbs, global head of Prime Derivatives Services, Credit Suisse. “We believe this Utility will transform the economics for derivatives market participants globally.”
The technology that supports the FIS Derivatives Utility is an evolving, global back-office processing platform for cleared OTC and listed derivatives. It covers more than 135 cleared derivative markets in more than 35 countries.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, capital markets, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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