|Schwab Institutional Joins the SunGard Transaction Network|
Monday September 15, 7:08 pm ET
Enables Schwab Advisors That Use the Network to Achieve Straight-Through Processing
ORLANDO, Fla.--(BUSINESS WIRE)--Sept. 15, 2003--Schwab Institutional, a leading provider of custodial, operational and trading support for independent fee-based investment advisors, and SunGard Financial Networks, an operating group of SunGard (NYSE: SDS) announced today that Schwab Institutional has joined the SunGard Transaction Network (STN).
As an electronic global network that provides electronic connectivity to automate trade and post-trade messaging, STN will now enable advisors that use STN, and maintain accounts in custody with Schwab Institutional, to send orders to Schwab real-time to achieve straight-through processing. Participating advisors can eliminate the process of phoning and faxing trade information and, instead, benefit by having trade executions updated directly in the advisors' Order Management Systems.
"Many of our advisor clients use trading systems that link to the SunGard Transaction Network," said Deborah McWhinney, President of Schwab Institutional. "SunGard has become a major player in helping firms to achieve straight-through processing and many Schwab advisors clients will be excited that we now connect to STN."
STN is the most widely used order routing network for Advent Software's Moxy® trade order management system, used by a significant number of advisors who custody their customer's assets with Schwab. "Having Schwab Institutional's and SunGard's respective services work seamlessly with our order management solution will provide substantial automation benefits to our joint customers," said Will Clemens, Straight-through Processing Business Manager of Advent Software Inc.
Paul Schneider, group chief executive officer of SunGard Financial Networks concluded, "The addition of Schwab Institutional to STN is a valuable enhancement to our service, particularly for those clients that utilize STN through our alliance with Advent Software.