SunGard and BlueNext, a leading exchange for carbon spot and derivatives contracts, are to collaborate in the development of a straight-through processing (STP) solution for post-trade operations on the BlueNext exchange.
The solution will include enhancements to SunGard's GL Clearvision and GL Ubix that will provide increased functionality for customers trading carbon derivatives.
A new clearing gateway will help SunGard's GL Clearvision customers automate the matching and clearing of operations traded on the exchange, while SunGard's GL Ubix will be developed to help customers process margining, as well as commissions and fees.
Jean-Pierre Hort, deputy chief executive officer at BlueNext, said: "This collaboration will help members of BlueNext Futures, who are also GL Clearvision and GL Ubix customers, benefit from a full STP solution for BlueNext activity. This new offering will help us promote our derivatives trading services to a wider community."
Vincent Burzynski, chief product officer for SunGard's global trading business, commented: "With expanding global trading operations, many of our customers are looking for STP solutions to help them avoid manual trade processing. Our collaboration with BlueNext reflects SunGard's continuing commitment to develop solutions that help customers decrease their operational costs and risks."