STN Settlements provides a single interface to all clearance and settlement agencies, eliminating the need for firms to manage multiple connections. It handles cross-border processing, broker trade comparison, net debit/credit by participant, and depository and custodian settlement. It also provides exception and error management of pending trades, confirmation of settlement, and communication of settlement problems to mitigate operational risk. STN Settlements also offers a "concentrator" option, by which the service itself contracts with the facilities, thereby eliminating the need for customers to establish participant relationships with clearing corporations and passing on volume cost savings to the customer.
"STN Settlements was designed to help firms achieve a higher level of STP without reengineering existing core systems or business processes," said Michael Nemerowski, senior vice president of strategic planning at SunGard Securities Processing. "Because STN Settlements was developed with T+0 in mind, it will become an important STP enabler as interactive and real-time trade matching and inventory management systems become increasingly prevalent in the industry."
Based on SunGard Securities Processingâs StreamBridge central interface management system and knowledge base, STN Settlements is platform independent and provided in an ASP environment.
STN Settlements was built on industry-standard communication and messaging protocols, including ISO 15022 and XML. STN Settlements uses SunGard Business Integrationâs MINT Knowledge Master and MINT Knowledge Broker integration products, and runs on a Sun Microsystems (Nasdaq:SUNW) infrastructure with the SunÃ¤ Open Net Environment (Sun ONE) platform.