SunGard’s Post-Trade Derivatives Utility Open for Business

According to the Wayne, PA-based technology vendor, Barclays has completed the migration of certain futures and OTC derivatives clearing operations and technology processes to the utility, and has transferred a number of Barclays employees to SunGard.

SunGard has appointed Andrew Whyte, formerly of Goldman Sachs, as president of the utility. He will join SunGard in mid-August and will be based in London, reporting to Brian Traquair, executive vice president of SunGard Financial Systems.

In the interim, Alun Green, currently head of SunGard's post-trade strategy, will be responsible for the day-to-day running of the utility. He is also based in London and will serve as deputy head of the utility and oversee its strategy, services and client relationships, once Whyte assumes his new role.

SunGard's post-trade derivatives utility is designed to help derivatives brokers, including futures commission merchants, achieve greater efficiency, mitigate operational risk, and reduce the total cost of ownership by leveraging economies of scale in middle- and back-office processing and technology.

It provides user-firms with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation, data management, and regulatory reporting.