SunGard Post-trade Derivatives Utility Signs Barclays

SunGard said 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 has completed the migration of specific futures and OTC derivatives clearing operations and technology processes to the utility, as well as the transfer of several of the bank’s 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.”

SunGard also appointed Andrew Whyte, formerly of Goldman Sachs, as president of the utility. He 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, Whyte focused on driving process improvement, standardisation and compliance with regulatory reforms. He will join SunGard in mid-August and be based in London, reporting to Brian Traquair, executive vice president of SunGard Financial Systems.

In the interim, 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.

“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,” said Traquair.

“The utility is now a valuable alternative for futures commission merchants [FCMs]. It will enable them to focus more effort and capital on the growth of their business, increasing competitive advantage and profitability.”

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