Credit Suisse has bolstered its derivatives capabilities by integrating the Derivatives Utility from FIS (NYSE: FIS), targeting post-trade futures and cleared over-the-counter (OTC) derivatives, according to a FIS statement.
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FIS is a provider of financial services technology in the derivatives space, having had its solutions assimilated by several leading lenders in the industry. The FIS Derivatives Utility is one of the group’s flagship offerings, designed to cater to capital markets firms internationally. More specifically, the utility grants a host of benefits for market participants and futures commission merchants (FCMs), thereby allowing for greater levels of efficiency across middle- and back-office processing and technology.
The integration by Credit Suisse is important for the lender as it will help provide its clients with derivatives clearing operations and technology services for trade clearing, trade lifecycle management (TLM), margin processing, brokerage, reconciliation, and data management, among other utilities. Additionally, FIS’ Derivatives Utility is already active across more than 100 derivatives markets, owing to its versatility and scale of use.
According to Marianne Brown, Chief Operating Officer, Institutional and Wholesale, FIS, in a recent statement on the
Marianne Brown, COO, FIS
selection: “The evolution of derivatives markets has increased both the demand and the necessity for innovative solutions that transform the business model for derivatives clearing.”
“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,” added John Dabbs, Global Head of Prime Derivatives Services at Credit Suisse, in an accompanying statement.
