SunGard’s new industry utility for post-trade futures and cleared OTC derivatives has gone live with Barclays as its anchor customer.
Barclays has completed the migration of some futures and derivatives clearing operations, and some technology processes. A number of Barclays employees have also transferred 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. 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.”
SunGard has appointed Andrew Whyte to be president of the Utility. Formerly working with Goldman Sachs, Whyte will join in mid-August and will report to Brian Traquair, executive vice president of SunGard Financial Systems.
Traquair said: “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.”
