SunGard has launched a stock buy-back solution to help corporate treasurers automate and centralize the process of repurchasing equity shares on the open market and gain access to consolidated, Web-based transaction reporting. SunGard Transaction Network (STN) provides the corporate stock buy-back solution through a Web-based portal for managing all stock repurchase transactions and reporting. This solution helps treasurers work with any number of investment banks or brokers for stock repurchases, including SunGard’s agency broker, STN Execution Services.
Stock repurchase transactions are traditionally disjointed, manual processes whereby treasurers rely heavily on spreadsheets and e-mail. This time-consuming process can create a bottleneck for monitoring compliance with SEC Rule 10b-18, as well as for evaluating transaction cost benchmarks including Volume-Weighted Average Price (VWAP). STN’s corporate stock buy-back solution provides Rule 10b-18 VWAP reports complete with time-stamped executions.
STN users can also view executions throughout the day and work with their brokers to adjust their trading strategy as needed. STN provides consolidated reporting, including an end-of-day summary and a complete recap and summary at the end of purchase periods, for transactions that are executed through STN Execution Services, as well as for plans that use multiple brokers or banks. In addition, the STN solution provides automated notification of transactions to the corporations’ custodians, facilitating straight-through processing.
Kevin Rafferty, president of SunGard’s wealth management business, said, “STN’s corporate stock buy-back solution gives treasurers transparency into their counterparty’s fulfillment of their stock repurchase plans. In addition, when using STN Execution Services, corporations can be assured their plan is being executed by dedicated and experienced traders, and have the potential for reduced cost per transaction on stock repurchases.”
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