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BM&F and SunGard develop clearing and margin support for US FCMs

04 January 2010  |  6562 views  |  0 Source: SunGard

SunGard is working with the Brazilian Mercantile & Futures Exchange (BM&F), part of BM&F Bovespa S.A. Securities, Commodities and Futures Exchange, to expand automated BM&F clearing support within SunGard's GMI clearing and accounting solution for exchange traded derivatives, futures and options.

In August 2009, the Commodity Futures Trading Commission (CFTC) approved the trading of BM&F Bovespa derivatives by US futures commission merchants (FCMs). SunGard's collaboration with BM&F will help US-based FCMs process and clear BM&F trades using GMI, as well as establish direct clearing member connectivity with SunGard's post-trade solutions.

GMI's new BM&F module will help customers automate the process of loading trades and performing bookkeeping functions, as well as calculating margins and fees. GMI's trade load functionality will help US FCMs to seamlessly import cleared trades from Brazil directly into their GMI systems. GMI will also help customers with BM&F initial and variable margin calculations monitor daily charges and fees, and reconcile information. In addition, SunGard will develop a smart gateway to the BM&F exchange to provide clearing members with automated upload of transactions directly into either SunGard's GMI or GL Ubix real-time back-office system for listed derivatives.

Cícero Augusto Vieira Neto, chief operating officer of BM&F, said, "SunGard's middle- and back-office support, as well as added transparency into margins and fees, will give US firms the confidence to automate the clearing process on a larger scale, check their own margin to help control risk and cost, and have an infrastructure in place to share information with downstream applications. When completed, this initiative will benefit the BM&F order clearing process by providing FCMs in the US the ability to offer BM&F markets to their clients."

Gerry Murphy, president of SunGard's brokerage and clearance business, said, "US firms need a reliable and robust infrastructure to entertain larger transactions in emerging markets. SunGard's collaboration with the BM&F exchange will give US and global firms using GMI the ability to book their listed derivatives transactions from Brazil, calculate margins and manage fees, as well as seamlessly warehouse these transactions within their infrastructures. In addition, SunGard's new smart gateway for BM&F will help to expand our services for the local Brazilian market place."

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