SunGard's Stream GMI solution for post-trade listed derivatives clearing and accounting now supports LCH.Clearnet Ltd's (LCH.Clearnet) OTC interest rate swap (IRS) clearing service SwapClear in the U.S.
Stream GMI's support of SwapClear in the U.S, combined with its existing support for SwapClear in Europe, provides clearing members and market participants with processing and accounting support when clearing interest rate swaps.
According to LCH.Clearnet, as of October 31, 2011, SwapClear clears trades with a total notional principal of $290 trillion.
Because Stream GMI consolidates back-office processing of all centrally cleared products on a single platform, customers can clear IRS through SwapClear alongside traditional listed derivatives, helping to give them greater control over risk.
According to TABB Group*, as global regulatory reform creates a new landscape for trading OTC IRS and new participants enter the market, alternative products for managing interest rate exposure will see renewed interest. SunGard continues to extend its Stream GMI platform to handle new OTC cleared derivatives and support new venues as the market evolves.
Floyd Converse, head of U.S SwapClear sales and marketing at LCH.Clearnet, said, "Stream GMI provides a streamlined solution for the cleared interest rate swap market as it eliminates the need for multiple systems and provides comprehensive, consistent and accurate information."
Laurent Jacquemin, executive vice president of post-trade derivatives for SunGard's capital markets business, said, "These emergent asset classes are an important opportunity for our customers. Providing timely support of these markets through Stream GMI, Stream Clearvision and the other solutions within the Stream suite for derivatives is helping our customers increase efficiency and reduce risk."
* "The Changing Environment for Managing Interest Rate Exposure," by Andy Nybo of TABB Group, May 2011.