SunGard Securities Processing says Boston-based Adams Harkness has bought its Phase3 securities processing system on an ASP basis. It enables the firm to outsource its US equities transaction processing, clearance and settlement.
“Phase3 provides Adams Harkness with a more integrated, straight-through trade flow that helps reduce manual and redundant tasks, provides flexibility in the use of our data, and helps improve our efficiencies while containing costs,” says Stephen Zak, chief financial officer at Adams Harkness. “Phase3 is well matched for broker/dealers like ours that are institutional focused and larger in size and scope.”
Adams Harkness will use Phase3 to interface with Omgeo ALERT for standing settlement and account instructions and the Omgeo OASYS trade matching and allocation service. The firm will also use Phase3 to replicate information in its internal systems, so the dats can be used to generate management and profit and loss reports, and perform ad hoc search inquiries.
“We are really happy to see a firm like Adams Harkness leverage the strength of our single database application that supports global processing,” says Gerard Murphy, president of SunGard Securities Processing’s Phase3 unit. “They’re taking advantage of the institutional strengths of Phase3 and its ability to process any type of transaction, without having to use multiple platforms to get the job done. Phase3 is a leading provider of this capability within the space of self-clearing, books and records processing.”
Adams Harkness is an independent research, brokerage and investment banking firms serving the institutional market. Headquartered in Boston, and with offices in New York and San Francisco, it focuses on growth companies in the technology, healthcare and consumer sectors.