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).
STN Settlements is an automated clearance and settlement service that consolidates and controls multiple messaging interfaces on a single platform, connecting custodians, broker/dealers and banks to custodians, depositories and clearing institutions. Delivered to customers in an ASP environment, STN Settlements helps eliminate the need for financial institutions to build and manage separate bilateral connections, providing a low-risk migration to straight-through processing (STP) and an implementation with little or no disruption to current infrastructures and processes.
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.”