SunGard Futures Systems, an operating unit of SunGard (NYSE:SDS), announced today the completion of functionality designed to process and clear OneChicago’s security futures transactions on SunGard’s GMI system. GMI is a leading back-office clearing and accounting software solution used by futures commission merchants (FCMs), banks and brokerage firms. OneChicago is a new electronic exchange, a joint venture of Chicago Board Options Exchange (CBOE), Chicago Mercantile Exchange (CME), and Chicago Board of Trade (CBOT). With this new capability, SunGard customers will be able to trade OneChicago single stock futures and narrow-based indices immediately upon OneChicago’s launch, expected later this year.
Daniel Carrigan, managing director of OneChicago, said, “It is imperative for OneChicago to have full back-office support at the broker level and a straight-through processing environment to ensure a successful launch for our security futures products. By providing first-rate system expertise and service, SunGard has helped us to achieve this goal.”
Now being introduced in the U.S., security futures are comprised of single stock futures, or futures contracts on individual stocks, and narrow-based indices, which are futures contracts on small groups of stocks that allow an investor to take a position in a concentrated area of the equities market. Upon its launch, OneChicago initially will list 80 to 85 well-known individual stocks and at least 15 narrow-based indices on key economic sectors.
“GMI’s flexible architecture and modular design make it an ideal solution for processing OneChicago security futures trades,” said Steve Auerbach, chief operating officer of SunGard Futures Systems. “We are committed to meeting our customers’ evolving needs and are pleased to facilitate the introduction of OneChicago’s innovative new products.”