Credit Suisse, Leader in Global Cleared Derivatives, Selects FIS Derivatives Utility
Key facts
- 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.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160524005557/en/
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, capital markets,
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).
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 include, 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.
Kim Snider, +1.904.438.6278
Senior Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
or
Drew Benson, +1.212.325.0932
Credit Suisse AG
drew.benson@credit-suisse.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160524005557/en/