Hopkins, MN â February 2, 2005 â SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that two customers of SunGardâs InTrader fixed income processing solution have gone live on SunGardâs STN Settlements interface for the Fixed Income Clearing Corporation (FICC) Real-Time Trade Matching (RTTM) system for Corporate and Municipal bonds and Unit Investment Trusts (CMU). Two of the customers that have gone live are Eastern Bank Capital Markets in Boston, and SunTrust Robinson Humphrey Capital Markets in Atlanta.
"InTraderâs CMU-RTTM interface using STN Settlements not only allows us to confirm trades in a real-time, interactive environment, but also helps us to be aware of problem trades immediately and resolve them the same day," said John Mullin, vice president at Eastern Bank Capital Markets. "Ultimately, this helps provide Eastern Bank with greater operational efficiencies and reduced risk associated with end of day trade submissions and batch processes."
"The CMU-RTTM interface enables us to monitor the trade comparison process in real-time as trades are matched, helping to result in reduced fails at the end of the day," said Dennis Lancaster, vice president of application support at SunTrust Robinson Humphrey Capital Markets. "It also helps us to meet the MSRB 15-minute reporting requirement, which is an immediate advantage over having to dedicate the resources to develop this compliance functionality ourselves."
SunGardâs STN Settlements interface management system integrates with InTrader to provide a seamless, straight-through processing solution. The CMU-RTTM interface is one of three components of STN Settlementsâ fixed income service offerings for the FICC, which also includes real-time trade matching for Government Securities and Mortgage-Backed Securities, providing financial services institutions with consolidated, real-time interactive trade comparison and matching. The CMU-RTTM interface also meets the Municipal Securities Rulemaking Boardâs new regulation requiring submission of municipal trades within 15 minutes of execution messaging, which will take effect this month. It also meets NASDâs TRACE regulatory reporting requirement for corporate bonds within 30 minutes of execution.
"We are pleased with the successful implementations of our integrated InTrader-STN Settlements solution, which helps to provide straight-through processing efficiencies our customers can enjoy every trading day," said Herb Hesch, president of SunGard Securities Processingâs InTrader unit. "We are dedicated to continuously extending InTraderâs capabilities to help our customers gain advantages in reduced cost and risk."
Providing funding, trading and sales, investment portfolio, safekeeping, and correspondent services capabilities, InTrader is used by U.S. banks, thrifts and credit unions to help manage their institutions' investment portfolios and safekeeping activities. InTrader is delivered in both licensed software and ASP environments, uses the latest Java technologies, and runs on industry standard Web server hardware.
STN Settlements is an automated clearance and settlement service that consolidates and controls multiple messaging interfaces on a single platform, connecting custodians, broker/dealers and banks to custodians, depositories and clearing institutions. Delivered to customers in an ASP environment, STN Settlements helps eliminate the need for financial institutions to build and manage separate bilateral connections, providing a low-risk migration to straight-through processing (STP) and an implementation with little or no disruption to current infrastructures and processes.