Quadriserv, Inc., and SunGard today reported progress with respect to their joint technology initiative previously announced in May of this year. Specifically, the integration of Quadriserv's AQS securities lending platform and SunGard's Loanet securities lending processing technology now supports straight-through processing of price discovery, central counterparty ("CCP") clearing, settlement and open loan contract maintenance in a regulated, centralized trading environment. AQS is a fully electronic securities lending platform operated by Automated Equity Finance Markets, Inc., a wholly owned subsidiary of Quadriserv. These implementation steps represent a critical milestone in both organizations' efforts to provide productivity tools that deliver automation to the stock loan industry commonly found in other areas of capital markets, while enhancing securities lending portfolio management through new market data and analytical capabilities.
"Quadriserv and SunGard have collaborated quickly and effectively to deliver straight-through processing of transactions executed in the AQS marketplace," commented Thomas J. Perna, Chairman and CEO of Quadriserv. "We look forward to continued collaboration with SunGard to ensure optimal integration with our AQS platform, which brings improved automation, transparency, access and settlement efficiency through a CCP to the securities lending market."
John Grimaldi, executive vice president and general manager of SunGard's Loanet business unit, commented, "A key goal from the outset was to enable SunGard's Loanet and AQS customers to benefit from cross-platform data accessibility, allowing users to seamlessly manage open loan positions. We are pleased to have delivered on this important objective in just a few months time, and believe it gives us a proven platform to continue integration efforts that help enhance transparency, efficiency, and analytical capabilities for our mutual customers."