SunGard has announced that its new industry utility for post-trade futures and cleared over-the-counter (OTC) derivatives operations has gone live with Barclays as the utility’s anchor customer. Barclays, an industry leader in the global cleared derivatives industry, has completed the migration of specific futures and OTC derivatives clearing operations and technology processes to the utility, as well as the transfer of a number of Barclays employees to SunGard.
Tim Stack, head of agency derivatives services at Barclays, said: “We are extremely pleased with the successful and efficient transition of operations, technology processes and employees over to the SunGard post-trade derivatives utility. Throughout this project, SunGard has demonstrated its domain and technical expertise, its proficiency to effectively launch a utility, and its ability to affect positive change for Barclays and the industry as a whole.”
In addition, SunGard has appointed Andrew Whyte, formerly of Goldman Sachs, as president of the utility. Mr. Whyte has 19 years of technology and operations experience in the financial services industry, and held various senior leadership positions in derivatives, clearing, and credit operations globally with Goldman Sachs and JP Morgan. In these roles, Mr. Whyte focused on driving process improvement, standardization and compliance with regulatory reforms. He will join SunGard in mid-August, will be based in London and will report to Brian Traquair, executive vice president of SunGard Financial Systems. Until that time, Alun Green, a 20-year industry veteran and expert in post-trade derivatives processing, as well as current head of SunGard’s post-trade strategy, will have responsibility for all utility functions and day-to-day operations. On an ongoing basis, Mr. Green will also be based in London and will serve as deputy head of the utility and oversee its strategy, services and client relationships.
Mr. Traquair said: “We’ve reached significant milestones with the launch of our post-trade utility and Barclays as our first customer to go live, as well as the appointment of a strong leadership team to support SunGard’s global platform’s services capabilities and customer migrations. The utility is now a valuable alternative for FCMs. It will enable them to focus more effort and capital on the growth of their business, increasing competitive advantage and profitability.”