Wedbush Futures, one of the largest capitalized non-bank futures commission merchants (FCMs) in the United States, has selected the FIS (NYSE: FIS) Derivatives Utility to support clearing operations processing and manage the technology for its exchange traded derivatives (ETD) business.
Wedbush Futures joins Barclays and Credit Suisse as clients of the FIS Derivatives Utility, a managed service that provides derivatives clearing operations and technology services for capital markets firms, based on industry leading FIS post-trade technology.
By migrating its post-trade futures and options operations and technology to the FIS Derivatives Utility, Wedbush Futures expects to benefit from greater middle and back-office processing efficiency and simplified regulatory compliance and application upgrade projects. Wedbush Futures will migrate in the first quarter of 2018.
Rich Jablonski, EVP of Wedbush Securities and CEO of Lime Brokerage says, “We are elated to extend our global relationship with FIS. Leveraging its Derivatives Utility will expand Wedbush Futures’ capabilities, enabling Wedbush to better serve our clients.”
“Moving to the FIS Derivatives Utility is a natural step in the evolution of our business, allowing us to better focus on delivering exceptional client service to our growing client base and expanding our product and market coverage,” stated Bob Fitzsimmons, Managing Director, and Head of Futures, Wedbush Futures. “As a valued and trusted technology provider for our clearing business, migrating our operations processing and technology management to the FIS Derivatives Utility is a natural next step in our post-trade processing evolution.”
“We are thrilled to welcome Wedbush Futures to our growing roster of FIS Derivatives Utility clients,” said Marianne Brown, chief operating officer, Institutional and Wholesale, FIS. “Today’s capital markets firms need ways to lower their costs and differentiate themselves in an increasingly competitive industry. By leveraging the FIS Derivatives Utility, Wedbush Futures and our other clients can benefit from powerful economies of scale delivered through the investments we have made in leading-edge automation and real-time processing technology.”
The FIS Derivatives Utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management.