RiverCross ATS Selects SunGard’s Assent for Correspondent Clearing Services

1 December 2008

RiverCross ATS has selected SunGard’s Assent to clear and settle trades on its fully-automated dark pool. RiverCross ATS, launched in May 2008 by Susquehanna International Group, LLP, is an independent, agency-only alternative trading system that offers the sell-side continuous crossing services for both block and non-block orders in a secure environment. RiverCross will use SunGard’s Assent to help increase post-trade efficiency, while also helping to decrease miscellaneous infrastructure requirements.

RiverCross chose Assent not only for its customization capabilities but also for its automation, speed and customer-centric approach via dedicated account management. Assent Correspondent Clearing Services help firms achieve cost efficiencies in clearing and settling equity and option transactions.

SunGard’s Assent Correspondent Clearing Services provide and utilize a host of integrated features including risk management and portfolio analysis tools, purchase and sales processing, and OASYS and ALERT Direct products from Omego LLC. Assent Correspondent Clearing Services support proprietary trading firms, institutional agency firms, and other broker-dealers including electronic communication networks (ECNs) and alternative trading systems (ATSs).

“RiverCross selected SunGard because of its willingness to provide a custom-designed clearing system in Assent,” said Paul Onderdonk of RiverCross. “We are experiencing growth in volume and need a reliable, efficient clearing system, as well as a scalable architecture that can handle increasing capacity needs.”
Carmen Sturm, managing director, clearing, for SunGard's Assent business unit, said, “RiverCross’s selection of SunGard’s Assent Correspondent Clearing Services demonstrates our commitment to providing efficient, cost-effective solutions to alternative trading venues, in addition to our traditional customer base.”

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