SunGard Securities Processing has joined the Omgeo STP Partners programme with a view to developing real-time interfaces between SunGard's Phase3 securities processing solution and the Omgeo Alert settlement database and Oasys US trade allocation and acceptance service.
The real-time interfaces will help Phase3 customers to improve straight-through processing (STP) by avoiding the need to use separate Oasys terminals, and providing an automatic trade enrichment feature, says the vendor. The interfaces will ensure that information entered into Oasys is automatically updated in Phase3 in real-time, and name and address instructions are managed seamlessly between Phase3 and Alert.
Phase3's real-time trade enrichment feature automatically sets up new accounts and books trade allocations in Phase3 without trade rejection or any customer intervention. For example, if Phase3 receives a trade allocation from Oasys for an account that is not currently set up in Phase3, rather than reject the trade, Phase3 will automatically prompt Alert for the new account information, open a new account on Phase3, then book the trade automatically in real-time.
The connectivity programme will support fixed income instruments, listed and over-the-counter (OTC) equities, and equity options and will be available in the third quarter of 2003.