Wintrust Financial Chooses DerivativeEDGE® to Manage its Interest Rate Derivatives Trading Business
October 21 2019 - 9:00AM
Wintrust Financial Corporation (Wintrust) (NASDAQ: WTFC) has
selected DerivativeEDGE, as its system of record for all interest
rates derivatives trading activity. After an extensive search for
the right enterprise trading technology platform, the bank
partnered with Derivative Path, Inc. to enhance and streamline its
commercial interest rate derivatives offering. Wintrust, with
approximately $35 billion dollars in assets amongst its 15
charters, will leverage DerivativeEDGE (an end-to-end cloud-based
OTC derivative trading platform) to structure, execute and manage
its interest rate derivatives portfolio.
Pat Hennelly, Senior Vice President of Capital Markets, at
Wintrust stated, “We work with a variety of commercial clients who
have a wide range of interest rate hedging needs. Our
customer-facing interest rate hedging business has been in place
for many years and has been growing steadily. To manage the
existing business and to provide a strong infrastructure for
further growth, we evaluated various platforms for our business. We
knew we needed to find a solution that was cost effective,
adaptable, and highly-scalable. After an in-depth evaluation of the
various technology solutions available, we concluded that the
software-as-a-service platform from Derivative Path was exactly
what we needed. With DerivativeEDGE, we will be able to run a
highly efficient, client-facing, and balance sheet derivative
program. We were impressed with the functionality of the software,
including the artificial intelligence-enabled automation of various
operational tasks, which will greatly reduce the time spent on
these tasks. The Derivative Path team worked closely with us to
onboard our substantial existing portfolio within weeks and to
train our team on the simple user interface, avoiding any
disruption to our existing business activities. We look forward to
growing our partnership with Derivative Path.”
Reflecting on the new partnership, Derivative Path’s Head of
Business Development, Zack Nagelberg commented, “We’re thrilled
that Wintrust has chosen to partner with us to help further build
out their capital markets capabilities. Wintrust is one of the most
well-known and respected regional banks in the country and their
decision to enhance their swap program with DerivativeEDGE further
validates the industry-leading platform we’ve created. The powerful
and agile framework of DerivativeEDGE coupled with our modular
support model will provide Wintrust with flexibility and scale for
the future. We look forward to expanding the services and support
we provide to Wintrust as they continue to grow their program over
time.”
The state-of-the-art DerivativeEDGE platform has been designed
to be a complete end-to-end solution for interest rate and FX
derivative trading, servicing, and hedge accounting. With
DerivativeEDGE, users have front-, mid-, and back-office
functionality in one platform, eliminating the inefficiencies of
working with disparate systems to manage various aspects of the
business. The system also includes a fully automated hedge
accounting platform which is fully compliant with the new hedge
accounting rules of ASU 2017-12. The platform comes complete with
real-time market data and automated swap data reporting, and
cleared trade affirmation. The system is designed within a
framework that also aids users in meeting their Dodd-Frank
requirements related to the execution of transactions with
commercial clients and dealer counterparties, as well as ongoing
data and document retention requirements. Administrators are able
to manage user profiles with roles-based permissions and workflows
to ensure controls and appropriate separation of duties.
About Derivative Path, Inc.
Derivative Path is a San Francisco Bay Area-based FinTech
company with additional offices in New York City and Chicago. The
company provides a technology-led solution to assist financial
institutions, buy-side, and commercial end-users in executing and
managing their over-the-counter interest rate derivative and
foreign exchange transactions.
The Derivative Path team is comprised of derivative industry
veterans who have held senior positions with some of the world’s
largest capital markets firms, such as Wells Fargo, ABN AMRO,
Société Générale, Bank of America, Barclays, AIG, and JPMorgan
Chase. For more information about Derivative Path, visit
www.derivativepath.com.
About Wintrust Financial
Wintrust is a financial holding company with assets of
approximately $35 billion whose common stock is traded on the
Nasdaq Global Select Market. Built on the "HAVE IT ALL" model,
Wintrust offers sophisticated technology and resources of a large
bank while focusing on providing service-based community banking to
each and every customer. Wintrust operates fifteen community bank
subsidiaries with over 160 banking locations located in the greater
Chicago and southern Wisconsin market areas. Additionally, Wintrust
operates various non-bank business units including business units
which provide commercial and life insurance premium financing in
the United States, a premium finance company operating in Canada, a
company providing short-term accounts receivable financing and
value-added out-sourced administrative services to the temporary
staffing services industry, a business unit engaging primarily in
the origination and purchase of residential mortgages for sale into
the secondary market throughout the United States, and companies
providing wealth management services and qualified intermediary
services for tax-deferred exchanges. For more information about
Wintrust, visit www.wintrust.com.
PR Contacts:
Wintrust Financial Corp: Pat Hennelly, Senior Vice President of
Capital Markets
Derivative Path: Zack Nagelberg, Head of Business Development,
212-651-9050
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