Brokerage Mizuho International has hired SS&C Technologies to provide middle-office services for OTC derivatives transactions.
Outsourcing to SS&C’s GoTrade+ system, Mizuho will be able to manage its OTC derivatives life cycle processes and meet reporting needs brought on by new regulatory requirements.
Mizuho said it was looking for a fresh approach to its middle- and back-office activities. Key goals were improved technology flexibility, increased expertise and accessible service teams, with minimal requirement for internal adaptations.
There has been a growing trend in recent years among financial services firms to outsource non-core functions in the middle- and back-office due to increased cost pressure and regulatory burdens.
“Brokers, banks, and asset managers face significant challenges keeping up with the ever changing regulatory environment. SS&C’s EMIR expertise and robust reporting technology helps Mizuho streamline these requirements,” said David Reid, senior vice president and managing director, international, at SS&C Technologies.