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Credit Suisse, Leader in Global Cleared Derivatives, Selects FIS Derivatives UtilityJACKSONVILLE, Fla., and NEW YORK, May 24, 2016 /PRNewswire/ --
Credit Suisse, a leader in the global cleared derivatives industry, has selected the Derivatives Utility from FIS™ (NYSE: FIS), a global leader in financial services technology, for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology. The FIS Derivatives Utility was designed to help global capital markets firms better adapt to market challenges by enabling market participants, including futures commission merchants (FCMs), to achieve greater efficiencies by leveraging economies of scale in middle- and back-office processing and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management. "The evolution of derivatives markets has increased both the demand and the necessity for innovative solutions that transform the business model for derivatives clearing," said Marianne Brown, chief operating officer, Institutional and Wholesale, FIS. "Our vision for a derivatives utility uses FIS' existing, market-leading IP to reduce operational risks and costs while increasing efficiency throughout the industry. By providing industry leadership and a potential path for the market, we look to achieve best practices around standardized processes that can benefit all market participants. Credit Suisse brings broad depth and expertise in cleared derivatives, as well as an extensive worldwide footprint." "As the market moves away from bilateral swaps and towards cleared products, Credit Suisse is better positioned to continue to deliver innovative solutions and products to our clients in the most efficient manner possible. Leveraging the FIS Derivatives Utility will allow us to spread the cost of innovation amongsta larger group of firms by creating a standardized solution developed by the industry's top experts." said John Dabbs, global head of Prime Derivatives Services, Credit Suisse. "We believe this Utility will transform the economics for derivatives market participants globally." The technology that supports the FIS Derivatives Utility is an evolving, global back-office processing platform for cleared OTC and listed derivatives. It covers more than 135 cleared derivative markets in more than 35 countries. About FIS Follow FIS on Facebook (facebook.com/FIStoday) and Twitter (@FISGlobal). About Credit Suisse AG Forward-Looking Statements Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS' historical experience and our present expectations or projections. These risks includes but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements. Logo - http://photos.prnewswire.com/prnh/20091204/CSLOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/credit-suisse-leader-in-global-cleared-derivatives-selects-fis-derivatives-utility-300273706.html SOURCE Credit Suisse AG |