Cantor Fitzgerald plans to launch Cantor Clearing, a business that will provide clearing, settlement and technology solutions, in the fourth quarter of this year. The business, whose launch is subject to regulatory approval, will serve correspondent clearing firms, including institutional broker dealers, online direct access broker dealers, registered investment advisors and other asset managers.
Cantor Clearing will use SunGard’s integrated suite of clearing and settlement solutions to help streamline front-to-back securities processing for clients, focusing on the middle market, providing a single back-office books and records platform with real-time settlement and clearance interfaces to industry clearing houses, exchanges and other facilities. Users of the technology will be able to see positions and balances as they trade, enabling real-time transparency throughout the day. SunGard also supports multiple margin methodologies, helping Cantor Clearing to more effectively calculate and report relevant data to its correspondents
Noel Kimmel, CEO of Cantor Clearing and Head of Cantor Prime Services said, “The formation of Cantor Clearing will complement our comprehensive suite of products and services, and is a natural extension of our growing Prime Services platform. By leveraging existing in-house capabilities, our robust global infrastructure, cross-asset expertise and SunGard’s technology, we will provide a comprehensive solution tailored to the needs of middle market clients. Cantor Clearing reflects our commitment to supporting the changing market landscape and evolving needs of our clients.”
Shawn Matthews, CEO of Cantor Fitzgerald, said: We expect tremendous synergies, not only with our Prime Services group, but with Cantor’s institutional sales and trading business, further enhancing our ability to serve clients’ needs.”
(JDC)