SunGard has launched a new industry utility for post-trade futures and cleared OTC derivatives with the confirmation of Barclays as its anchor customer.
To support the new utility, SunGard has hired Andrew Whyte as president of the utility. Whyte has held senior roles responsible for derivatives, clearing and credit operations at Goldman Sachs and JP Morgan.
He will report to SunGard Financial Systems’ executive vice president, Brian Traquair and be based in London when he joins the business in mid-August.
Barclays has now completely migration of some of its futures and OTC derivatives clearing operations and technology processes to SunGard’s utility and some Barclays staff will be transferred to SunGard as part of the deal.
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.”
Traquair added: “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.”