Sovereign Bank selects Sierra ASP platform for FX trading

Source: FNX Solutions

FNX Solutions (FNX), a leading provider of next generation technology solutions for treasury and capital markets, announced today that Sovereign Bank is now using web-based Sierra ASP for its FX operation.

Sierra is a powerful cross asset class, front to back solution that provides comprehensive real-time position management, risk analysis, and gap exposure in a straight through processing (STP) environment.

The ASP delivery model maximizes the return on technology investment by affording the bank the latest technology without the burdensome expense often associated with technology installation.

The real-time STP functionality enables all FX Cash and FX Option trades to flow seamlessly from deal capture through the various verification and confirmation processes. Simultaneously, accounting entries are created for the different trade types and purposes in the Sierra General Ledger thereby eliminating any possibility of human error.

"The combination of a fully STP system delivered via an ASP proved to be the ideal solution for us," said Robert F. Murray, Sovereign's Senior Vice President, Capital Markets. "Not only do we receive sophisticated trading technology but we also eliminate the burden of installing and managing the system. FNX takes care of all that."

Ray Krastins, Director of North American Sales said: "We are pleased to partner with Sovereign Bank and provide them with our set of solutions to support their strategic trading operation. Sovereign Bank, a leader in the financial services industry, selected Sierra FX Cash for its connectivity, straight-through-processing capabilities, comprehensive functionality and robust technology architecture. The Sierra FX module is one of the most advanced solutions available. With strong real-time position and risk reporting, real-time interfaces to the major electronic brokerage feeds, and extensive retail capability, we consider the FX Cash space one of FNX's key strengths."

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