SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that it has received notification from the Fixed Income Clearing Corporation (FICC) that SunGard's STN Settlements interface management service has successfully completed all testing for the FICC's Corporate, Municipal and Unit Investment Trust Division's Real-Time Trade Matching.
This latest STN Settlements fixed income interface also meets the Municipal Securities Rulemaking Board's new regulation requiring submission of municipal trades within 15 minutes of execution messaging.
The interface is the third and final component of the STN Settlements fixed income service offering for FICC, which also includes real-time trade matching for Government Securities and Mortgage-Backed Securities, providing broker/dealers with consolidated, real-time interactive trade comparison and matching.
"We are pleased to have successfully completed and met the FICC's rigorous testing requirements, proving the accuracy and effectiveness of STN Settlements' ability to handle trading and real-time messaging scenarios for corporate and municipal bonds, and unit investment trusts," said Doug MacFadden, senior vice president of strategic development at SunGard Securities Processing. "We continue to enjoy our long and productive relationship with the FICC, as we remain steadfast in helping to improve service to our mutual customers."
STN Settlements is an automated clearance and settlement service that consolidates and controls multiple messaging interfaces on a single platform, connecting custodians, broker/dealers and banks to custodians, depositories and clearing institutions. Delivered to customers in an ASP environment, STN Settlements eliminates the need for financial institutions to build and manage separate bilateral connections, providing a low-risk migration to straight-through processing (STP) and a fast implementation with little or no disruption to current infrastructures and processes. STN Settlements also offers the flexibility of integrating with any back office systems simultaneously, including SunGard's InTrader and Phase3 securities processing systems.
STN Settlements supports domestic and cross-border trading, including international and U.S. equities and fixed income instruments. In addition to interface management capabilities for the three FICC RTTM systems for government and mortgage-backed securities, corporates, municipals and unit investment trusts, STN Settlements also includes SWIFT and Euroclear interfaces for cross-border settlement.