SunGard announced today that Richard H. Hulit, Jr. has been appointed president of SunGard's GMI business unit.
GMI is a clearing and accounting system for global exchange-traded derivatives, futures and options (http://www.sungard.com/gmi). Based in Chicago, Mr. Hulit is responsible for providing strategic direction and leadership for GMI, as well as Octagon, a futures and derivatives processing and accounting solution for German, Swiss and central European futures clearers.
Mr. Hulit is experienced in building and managing integrated futures, FX, metals and securities businesses encompassing operations, clearing, systems, technology, legal, compliance, finance and administration, having held senior management positions at Prudential Financial and Merrill Lynch. His knowledge of front- and back-office execution, trading, clearing, settlement, credit, risk and commodity finance systems are closely aligned with GMI and Octagon, and the goals of SunGard's customers to reduce costs, improve client service and data delivery, enhance execution and clearing, and expand business opportunities.
GMI supports the activities of clearing firms, securities firms, brokerage houses, and other participants in derivatives trading, such as multinational agriculture and energy companies. GMI links to exchanges worldwide for automatic trade capture and access to pricing updates, margins, and risk arrays. Customers use GMI to help eliminate manual processes and consolidate data in a single integrated accounting system, control costs and increase competitiveness. Listed derivative transactions on more than 75 exchanges worldwide are supported by GMI. Serving financial institutions in Central Europe, Octagon provides high-volume processing and accounting for exchange-traded derivatives, futures and options, from order to clearing and settlement.