SunGard Futures Systems says five German banks have subscribed to its Octagon IT Services for futures and derivatives processing and accounting. The five banks are Hamburger Sparkasse, Frankfurter Sparkasse, Bankhaus Lampe, Bankhaus Reuschel & Co., and Hauck & Aufhauser Privatbankiers.
Octagon IT Services aims to provide a secure, outsourced processing service for firms tading futures and derivatives in Germany and Central Europe. It was launched in the first quarter of this year.
“Octagon IT Services helps our customers to reduce costs and gain efficiencies using an ASP model, which is quickly gaining momentum among our customer base,” says Joachim Holzer, managing director of SunGard Futures Systems’ Central European operations. “With Octagon IT Services, financial institutions have real-time access to data, external interfaces with exchanges and regulatory authorities, multi-level system security, 24-hour system monitoring, and full backup and recovery.”
Octagon has provided high-volume processing and accounting for exchange-traded derivatives, futures and options, from order to clearing and settlement, in Germany since the early 1990s.