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Wedbush Futures Migrates Post-Trade Processing to FIS Derivatives Utility

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Wedbush Futures plans to migrate the clearing operations processing and technology management of its exchange traded derivatives business to the FIS Derivatives Utility. The plan is to migrate this quarter with a view to gaining greater middle and back-office processing efficiency, as well as simplified regulatory compliance and application upgrades.

Wedbush, one of the largest capitalised non-bank futures commission merchants in the US, joins Barclays and Credit Suisse as clients of the utility, which provides derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management.

Bob Fitzsimmons, managing director and head of futures at Wedbush, says: “Moving to the FIS Derivatives Utility is a natural step in the evolution of our business, allowing us to focus better on delivering exceptional service to our growing client base and expanding our product and market coverage. 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.”

Marianne Brown, chief operating officer, institutional and wholesale, at FIS, adds: “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 and our other clients can benefit from economies of scale delivered through the investments we have made in leading-edge automation and real-time processing technology.”

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