FIS (NYSE: FIS) announced today that Societe Generale has signed an extended agreement, selecting the financial technology leader for the strategic transformation of its derivatives clearing and settlement technology.
As part of the agreement, the investment bank and financial services group will transition their existing derivatives clearing and settlement IT environment to FIS Cleared Derivatives Suite.
“The listed derivatives clearing business is a core part of our Prime Services business franchise at Societe Generale. We are recognized by our customers, and the industry, as a market leader in this space. Our decision to select FIS to provide our next generation post-trade clearing technology, represents a significant investment, with a trusted partner, to support the long term growth of this business” said Christophe Lattuada, Chief Operating Officer of Global Banking & Investor Solutions (GBIS) at Societe Generale.
“As derivatives clearing firms seek ways to limit risks while reducing operational costs, they are embracing the transformational change of their ecosystem and operating model,” said Nasser Khodri, Head of Capital Markets at FIS. “We’re delighted that a key player in the market such as Societe Generale chose FIS to achieve this journey and strengthen our long-standing relationship.”