|SunGard Transaction Network Adds Allocations, Matching and Trade Notification Services|
CHICAGO, June 19 /PRNewswire/ -- SunGard Financial Networks, an operating group of SunGard (NYSE: SDS - news), today announced a suite of new services that will address post-trade processing requirements of the financial services industry. In response to market demand for an end-to-end solution, the SunGard Transaction Network delivers a trade processing solution through a single electronic connection for the entire life cycle of a trade.
As the drive toward T+1 continues and trading volumes increase, the requirement for a powerful trade processing solution takes on significant importance. In addition, the post-trade settlement processes employed at many financial services institutions is still characterized by duplication of effort as well as the use of the telephone and fax by counterparties involved in the trade. STN Post-Execution Services eliminates repetitive steps and manual intervention, therefore reducing costly errors.
With nearly 600 buy-side institutions, 270 broker-dealers and many of the world's largest custodians connected to STN, SunGard has the ability to deliver an end-to-end, T+1 solution today.
``Our alliance with SunGard is giving Advent's asset management clients access to all components of the trade life cycle through one real-time connection. This is very significant, as it will help prepare them for the complex tasks in the securities industry's transition to T+1,'' said Peter Caswell, president and chief operating officer of Advent Software.
According to Paul Schneider, chief executive officer, SunGard Financial Networks, ``The processing demands of T+1 are too important for the industry to leave it up to a single solution provider in the marketplace. Broker/dealers, asset managers and custodians are looking for options to solve their processing challenges. As a S.W.I.F.T. ETC provider and with an eye toward global connectivity, SunGard looks forward to working closely with the GSTPA and Omgeo to deliver an interoperable solution to the marketplace.''
ABOUT THE SUNGARD TRANSACTION NETWORK
The SunGard Transaction Network is a connected community of financial services institutions, comprising SunGard customers and other market participants. It is a virtual network connecting the processes in the financial services marketplace, linking asset managers with brokers, brokers with exchanges, exchanges with banks, and banks with settlement agents and custodians. STN supports the key information flows in the trading lifecycle, including order routing, pricing, execution, allocations, affirmation and matching, notification, reconciliation and reporting. STN supports the cross- border information flows for equities, mutual funds, and fixed income securities