JACKSONVILLE, Fla., and
NEW YORK, May 24, 2016 /PRNewswire/ --
- Credit Suisse is the most recent global capital markets
firm to adopt the FIS Derivatives Utility.
- Credit Suisse will migrate its post-trade futures and
cleared over-the-counter derivatives operations and technology to
the utility model.
- The implementation will expand FIS' utility operations
and technology.
Credit Suisse, a leader in the global cleared derivatives
industry, has selected the Derivatives Utility from FIS™ (NYSE:
FIS), a global leader in financial services technology, for its
post-trade futures and cleared over-the-counter (OTC) derivatives
operations and technology.
The FIS Derivatives Utility was designed to help global capital
markets firms better adapt to market challenges by enabling market
participants, including futures commission merchants (FCMs), to
achieve greater efficiencies by leveraging economies of scale in
middle- and back-office processing and technology. The utility
provides customers with derivatives clearing operations and
technology services for trade clearing, trade lifecycle management,
margin processing, brokerage, reconciliation and data
management.
"The evolution of derivatives markets has increased both the
demand and the necessity for innovative solutions that transform
the business model for derivatives clearing," said Marianne Brown, chief operating officer,
Institutional and Wholesale, FIS. "Our vision for a derivatives
utility uses FIS' existing, market-leading IP to reduce operational
risks and costs while increasing efficiency throughout the
industry. By providing industry leadership and a potential path for
the market, we look to achieve best practices around standardized
processes that can benefit all market participants. Credit Suisse
brings broad depth and expertise in cleared derivatives, as well as
an extensive worldwide footprint."
"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." said John
Dabbs, global head of Prime Derivatives Services, Credit
Suisse. "We believe this Utility will transform the economics for
derivatives market participants globally."
The technology that supports the FIS Derivatives Utility is an
evolving, global back-office processing platform for cleared OTC
and listed derivatives. It covers more than 135 cleared derivative
markets in more than 35 countries.
About FIS
FIS is a global leader in financial services technology, with a
focus on retail and institutional banking, payments, asset and
wealth management, risk and compliance, consulting, and outsourcing
solutions. Through the depth and breadth of our solutions
portfolio, global capabilities and domain expertise, FIS serves
more than 20,000 clients in over 130 countries. Headquartered in
Jacksonville, Fla., FIS employs
more than 55,000 people worldwide and holds leadership positions in
payment processing, financial software and banking solutions.
Providing software, services and outsourcing of the technology that
empowers the financial world, FIS is a Fortune 500 company and is a
member of Standard & Poor's 500® Index. For more
information about FIS, visit www.fisglobal.com.
Follow FIS on Facebook (facebook.com/FIStoday) and Twitter
(@FISGlobal).
About Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services
providers and is part of the Credit Suisse group of companies
(referred to here as 'Credit Suisse'). As an integrated bank,
Credit Suisse offers clients its combined expertise in the areas of
private banking, investment banking and asset management. Credit
Suisse provides advisory services, comprehensive solutions and
innovative products to companies, institutional clients and
high-net-worth private clients globally, as well as to retail
clients in Switzerland. Credit
Suisse is headquartered in Zurich
and operates in over 50 countries worldwide. The group employs
approximately 47'760 people. The registered shares (CSGN) of Credit
Suisse's parent company, Credit Suisse Group AG, are listed in
Switzerland and, in the form of
American Depositary Shares (CS), in New
York. Further information about Credit Suisse can be found
at www.credit-suisse.com.
Forward-Looking Statements
This press release may
contain statements, estimates or projections that constitute
"forward-looking statements" pursuant to the safe harbor provisions
of the U.S. federal securities laws. Generally, the words
"believe," "expect," "intend," "estimate," "anticipate," "project,"
"will" and similar expressions identify forward-looking statements,
which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from FIS' historical experience and our present expectations or
projections. These risks includes but are not limited to, changes
in general economic, business and political conditions,
developmental and conversion delays or disruptions inherent with
new software products, technology and outsourcing solutions, and
risks of reduction in revenue from the elimination of existing and
potential customers due to consolidation in or new laws or
regulations affecting the banking, retail and financial services
industries, changes in the growth rates of the markets for our
solutions, and other risks detailed in our filings with
the Securities and Exchange Commission (SEC), including the
"Risk Factors" section of our Annual Report on Form 10-K for the
year ended December 31, 2015, and
subsequent SEC filings. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. FIS undertakes no obligation to publicly update or revise
any forward-looking statements.
Logo -
http://photos.prnewswire.com/prnh/20091204/CSLOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/credit-suisse-leader-in-global-cleared-derivatives-selects-fis-derivatives-utility-300273706.html
SOURCE Credit Suisse AG