Barclays strikes clearing agreement

摘要

Barclays is set to outsource parts of its derivatives clearing operations into a centralised utility in an attempt to slash costs for the capital-intensive business as the firm faces intense cost pressures. A link-up with technology firm SunGard is being hailed as a transformative development for an industry beaten down by a changing regulatory regime and low interest rates. "The business model for derivatives clearing is being challenged on multiple levels and it is time for clearing providers to get creative in terms of how they provide solutions," Tim Stack, head of agency derivatives services at Barclays, told IFR at the Futures Industry Association conference in Boca, Florida last week.