Schwab Institutional, a provider of custodial, operational and trading support for independent fee-based investment advisors, has joined the SunGard Transaction Network (STN).
The STN network provides electronic connectivity to automate trade and post-trade messaging. Advisors that use the network and maintain accounts in custody with Schwab Institutional will now be able to send orders in real-time and achieve straight-through processing (STP).
SunGard says participating advisors can now eliminate the process of phoning and faxing trade information by having trade executions updated directly in their order management systems.
Deborah McWhinney, president, Schwab Institutional, says many of Schwab's advisor clients currently use trading systems that link to STN.
Additionally, SunGard claims that STN is the most widely used order routing network for Advent Software's Moxy trade order management system, which is used by "a significant number" of Schwab advisors.
Paul Schneider, group chief executive officer, SunGard Financial Networks comments: "The addition of Schwab Institutional to STN is a valuable enhancement to our service, particularly for those clients that utilise STN through our alliance with Advent Software."