Cantor Fitzgerlad has completed the UK implementation of SunGard's Phase 3 securities processing system, providing the interdealer broker with a consolidated TransAtlantic back office for equity and fixed income trading.
The ASP-based implementation marks the culmination of a project to convert all of Cantor's US and UK equity and fixed income transaction processing, clearing and settlement operations from separate vendor platforms to a single system.
The new system helps to provide Cantor with a holistic, global view of information on securities trades and transactions, and establish a consistent approach for the processing of operational data across the firm.
Tom Anzalone, senior managing director of global operations at Cantor Fitzgerald, says: "SunGard's Phase3 gives us the ability to establish greater entity-wide coordination between our US and UK operations, and gain better knowledge and control of fails and exceptions, reconciliations, trade status, risk and exposure. In addition, with the one Phase3 platform managing our operational data and providing a single source of information to our risk systems, we are able to access risk and exposure information faster and without the need for additional IT resources to support multiple points of integration that tend to complicate and delay the process."
Phase3 provides Cantor with a centralised interface messaging capability to automate trade matching, settlement and reporting with central bank and regulatory entities such as Crest, Trax, Euroclear and Swift. In addition, Cantor uses SunGard's Stream Report Writer for generating consolidated reports used to gain a holistic view of trades and transactions, fails and exceptions, risk, and general ledger accounting.
Gerry Murphy, president of SunGard's brokerage and clearance business, says the implementation will enable the firm to get a better handle on operational risks by offering a consistent view of extended settlement trades, cancelled and corrected trades, and the aging of fails.