SunGard today announced an agreement with The Depository Trust & Clearing Corporation (DTCC) to provide connectivity through the SunGard Transaction Network (STN) to DTCC’s managed account communications network, linking investment managers, broker/dealers and service providers. DTCC’s Managed Accounts Service is a centralized communications platform that automates the exchange of account information required to open and support managed accounts. The service is offered through DTCC Solutions, a subsidiary of DTCC.
STN is a trade automation and connectivity solution, linking institutions throughout the financial services value chain, facilitating the purchase and sale of many securities types, including U.S. and foreign equities, fixed income, mutual funds, money market funds, certificates of deposit, and commercial paper.
STN will transmit messages from a variety of its customer counterparties and distribute them to DTCC’s Managed Accounts Service through a centralized connection point. STN’s connectivity to DTCC will help STN’s customers to seamlessly integrate with DTCC’s service and facilitate rapid adoption of industry standards. By automating and standardizing the data flow between counterparties, STN and DTCC help managed accounts participants increase operational efficiencies, reduce trade-related costs and risk, and stimulate growth, ultimately benefiting the underlying investor.
Currently, investment managers, sponsoring broker/dealers, and service providers exchange critical account and transaction data inefficiently by phone, fax and paper, with no true standardization. The link between STN and DTCC’s Managed Accounts Service will help automate and standardize that communication through DTCC’s central network, creating an efficient flow of information to multiple trading parties through a single connection for straight-through processing.
“Our goal is to reduce costs and operational risk in the managed accounts industry, while making operations more scalable for all participants,” said Ann Bergin, managing director and general manager of DTCC’s Wealth Management Services.
Mark Volker, senior vice president, SunGard’s STN business unit, said, "SunGard has been a consistent proponent of open industry standards that support end-to-end trade automation. SunGard is pleased to be participating with DTCC on this important initiative to help customers support growth, streamline processing and mitigate risk."
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