Syntegra and Sphere create securities lending reconciliation ASP
04 March 2002 | 2842 views | 0
Syntegra, BT's systems integration business, and financial markets consulting group Sphere have launched an online reconciliation service for fund managers and investment banks trading in securities lending.
The new service is designed to allow organisations and their counterparties to operate real-time reconciliation and analysis reports between their back offices. It will be available to both lenders and borrowers of securities via the Internet.
"The securities lending business has always suffered from post trade administration and reconciliation problems," says Kevin Covington, head of Syntegra financial communities. "This service will allow market participants to flag up any mistakes far earlier in the cycle and make them easier to resolve."
Syntegra and Sphere say they will gradually extend service to include other asset classes in addition to securities.