SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that two customers of SunGard's InTrader fixed income processing solution have gone live on SunGard's STN Settlements interface for the Fixed Income Clearing Corporation (FICC) Real-Time Trade Matching (RTTM) system for Corporate and Municipal bonds and Unit Investment Trusts (CMU).
Two of the customers that have gone live are Eastern Bank Capital Markets in Boston, and SunTrust Robinson Humphrey Capital Markets in Atlanta.
"InTrader's CMU-RTTM interface using STN Settlements not only allows us to confirm trades in a real-time, interactive environment, but also helps us to be aware of problem trades immediately and resolve them the same day," said John Mullin, vice president at Eastern Bank Capital Markets. "Ultimately, this helps provide Eastern Bank with greater operational efficiencies and reduced risk associated with end of day trade submissions and batch processes."
"The CMU-RTTM interface enables us to monitor the trade comparison process in real-time as trades are matched, helping to result in reduced fails at the end of the day," said Dennis Lancaster, vice president of application support at SunTrust Robinson Humphrey Capital Markets. "It also helps us to meet the MSRB 15-minute reporting requirement, which is an immediate advantage over having to dedicate the resources to develop this compliance functionality ourselves."
SunGard's STN Settlements interface management system integrates with InTrader to provide a seamless, straight-through processing solution. The CMU-RTTM interface is one of three components of STN Settlements' fixed income service offerings for the FICC, which also includes real-time trade matching for Government Securities and Mortgage-Backed Securities, providing financial services institutions with consolidated, real-time interactive trade comparison and matching. The CMU-RTTM interface also meets the Municipal Securities Rulemaking Board's new regulation requiring submission of municipal trades within 15 minutes of execution messaging, which will take effect this month. It also meets NASD's TRACE regulatory reporting requirement for corporate bonds within 30 minutes of execution.
"We are pleased with the successful implementations of our integrated InTrader-STN Settlements solution, which helps to provide straight-through processing efficiencies our customers can enjoy every trading day," said Herb Hesch, president of SunGard Securities Processing's InTrader unit. "We are dedicated to continuously extending InTrader's capabilities to help our customers gain advantages in reduced cost and risk."