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May 24, 2016
JACKSONVILLE, Fla., May 24, 2016 – 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.
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.
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.
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.
For More Information
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global Marketing and Communications firstname.lastname@example.org
Drew Benson, +1.212.325.0932 Credit Suisse AG email@example.com
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