Penson selects SunGard for securities clearing and processing

Penson selects SunGard for securities clearing and processing

Texas-based Penson Worldwide Settlements (PWSL) is to deploy SunGard Securities Processing's STN Settlements solution at its London operation.

STN Settlements is an automated clearance and settlement service that connects custodians, broker-dealers, banks and futures commission merchants to depositories and clearing institutions, including Euroclear, Swift, and the US Government Securities Clearing Corporation's (GSCC) real-time trade matching (RTTM) system.

The solution provides post-execution comparison, matching and netting of trades and links to the Phase3 multi-currency system to provide straight-through processing (STP).

Mark Fawver, vice president, international clearing and settlement, Penson Financial Services, comments: "With the Swift and Euroclear interfaces contained in STN Settlements, we will be able to better handle the many settlement rules in each country, while also taking advantage of STN Settlements' workflow capabilities such as exception management and a range of other capabilities that make reconciliation much more efficient."

PWSL has also renewed its contract for Phase3 which it has used since 1995.

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