RBC Correspondent Services (RBC CS), a division of RBC Capital Markets Corporation, is using SunGard's Protegent Surveillance to deliver compliance and surveillance functionality to its correspondent clearing clients as a core service offering.
Protegent Surveillance is a comprehensive compliance and surveillance solution for financial services institutions.
It provides users with trade-based compliance reviews that give firms an enterprise view of compliance performance and helps enhance users' ability to quickly assess risk. RBC CS has rolled out SunGard's Protegent T+1 trade blotter to help its correspondents manage their own risk and trade surveillance process, while keeping up with the latest regulatory rules.
Many small- to medium-sized broker-dealers struggle to obtain tools for risk management and regulatory oversight in a cost-effective and efficient manner. Additionally, they must quickly adapt to volatile market conditions and corresponding regulatory changes as they occur, such as the Securities and Exchange Commission's (SEC) recent emergency rule on short selling. SunGard's Protegent Surveillance is able to highlight the potentially unsuitable activity associated with short selling and naked short selling, through its T+1 alerting feature. As a rules-based compliance solution, Protegent Surveillance helps mitigate internal and regulatory risk by identifying questionable transactions and positions, improving field supervision processes and audits and analyzing client and account activity against firm defined mandates.
Protegent can be integrated with a firm's back-office clearing and settlement system to help provide brokers and financial advisors with an effective way of keeping up with regulatory requirements without requiring them to acquire surveillance and compliance tools on their own. RBC CS's correspondents have the choice of using the basic offering that provides Protegent's dynamic T+1 trade blotter designed to quickly identify and resolve a range of regulatory and business related exceptions, or subscribing to additional Protegent functionality that expands and customizes supervision, surveillance and regulatory compliance oversight and workflow.
Craig Gordon, president of RBC Correspondent Services, said, "By extending our services beyond trade clearing and settlement, we are able to be more proactive in helping our correspondents meet their business objectives. SunGard's Protegent is a key part of our ability to deliver added value to our clients, by providing powerful surveillance tools, which help them keep up with regulations. SunGard helps to give our clients peace of mind, while helping them maintain and strengthen their independence."
"Today's brokerage firms need efficient supervisory tools that help them assess risk quickly, increase productivity, and protect the interests of their businesses and their clients," said Steve Sabin, chief operating officer of SunGard's Protegent business. "RBC CS understands the impact for smaller firms to implement the right tools for risk management and regulatory oversight, and SunGard's Protegent is helping these firms to achieve greater consistency in managing risk and gaining the trust of their clients."