Franklin Templeton Investments wanted to streamline and standardize its domestic trade confirmation process for equities and fixed income. SunGard's SteP solution was chosen for its flexibility and extensibility, as well as its ability to give business users a unified view of all stages of the post-trade process via the STeP Trade Management dashboard.
Diane Woznick, settlements manager, Franklin Templeton Investments, said, "STeP Trade Management was the best fit as we looked for a functionally rich post-trade automation solution that was pre-packaged and could satisfy a relatively quick implementation schedule. The decision to select STeP Trade Management was a natural one for us. We use SunGard for SWIFTNet and we value SunGard's reputation of deliverating applications within tight timeframes while giving us the customizations we need to fit our own processes..
Ms. Woznick continued, "The STeP solution is designed to grow as our business grows, and we will be using STeP Trade Management for connectivity to other confirmation systems such as Omgeo CTM (Central Trade Manager), as well as for automation of standing settlement instructions. "
STeP Trade Management helps Franklin Templeton to achieve its objectives without making extensive changes to its existing systems. The STeP Trade Management Dashboard gives business users a unified view of the stages of the post-trade process, and the ability to manage the process across asset classes and across external allocation, confirmation and settlement services.
The solution extends to post settlement with the integration of SunGard's STeP matching and exceptions capabilities. STeP Trade Management can also integrate with the SunGard Transaction Network (STN).
Tom King, president of SunGard's STeP business unit, added, "We are very pleased that Franklin Templeton decided to extend its relationship with us by implementing STeP Trade Management. Our pre-packaged trade-management solution is designed to help investment managers, like Franklin Templeton, and broker-dealers to centralize business operations, reduce costs and manage exceptions. The STeP implementation at Franklin Templeton further advances SunGard's goal of providing our customers with the tools to automate the stages of the post-trade process."
STeP Trade Management runs on Sun's Solaris operating system on the SPARC platform. STeP Trade Management is certified on Omgeo OASYS Direct, OASYS Global Direct and Central Trade Manager.