SunGard Securities Processing, an operating group of SunGard, has become the first company to meet the real-time criteria of the Government Securities Clearing Corporation (GSCC) in an application service provider (ASP) environment.
The GSCC Real-Time Interface allows firms to perform real-time matching with the GSCC, which provides a more efficient processing for US Treasury securities on a trade date, straight-through processing environment. Firms using the Real-Time Interface can realise time savings in their order processing and can minimise daylight overdrafts, credit exposures, fails and clearance charges, says the company.
Daiwa Securities America was the first SunGard client to go live with the interface in mid-May, utilising the integrated interface between SunGard's Phase3 and the GSCC, after participating in beta testing for the GSCC Real-Time Trade Matching.
On or about July 1, 2001, the GSCC will begin to impose a surcharge to the clearing firms if trading activity is not reported within one hour of trade execution. SunGard's GSCC Real-Time Interface ensures that all clients utilising this process will report transactions as they are executed.
Michael Nemerowski, chief executive officer, SunGard Securities Processing, says: "Real-time trade matching is an integral step in attaining true straight-through processing. This enables our customers to mitigate risk and eliminate archaic processes."