Fidelity National Financial acquires ClearPar
13 December 2004 | 1280 views | 0
Source: Fidelity National Financial
Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, today announced the acquisition of ClearPar(SM), LLC ("ClearPar") a provider of technology and services that delivers primary and secondary commercial loan trade settlement services.
ClearPar provides the first fully operational web-based commercial loan settlement system dedicated to the efficient settlement of par loan closings in the primary syndication and secondary loan trading markets. The ClearPar system simplifies trade settlement by providing an integrated, collaborative, real-time environment for buyers and sellers to create, review, approve, and execute secondary trade and syndication documents. System generated documents include trade confirmations, assignment and acceptance agreements, net-off letters, multilateral agreements and funding memoranda. Since its inception in June 2000, the ClearPar system has settled nearly $172 billion in combined par and secondary loan trades and primary issue syndications.
"The ClearPar acquisition provides a mid-office commercial loan settlement solution that can be integrated with our existing front-office syndication and trading solutions and our back-office commercial loan servicing systems," said chairman and chief executive officer William Foley, "We now have the tools to provide the only completely integrated, inter-party automated processing solution that spans the life of commercial and syndicated loan transactions, from origination through trade settlement, servicing and ultimate maturity."