Quadriserv and SunGard have expanded their partnership whereby SunGard now will provide hosting and network services, operational and technical support, software maintenance and development for Quadriserv's AQS platform, the central counterparty-based securities lending marketplace.
Quadriserv previously integrated SunGard's Loanet securities lending processing technology with the AQS automated trading system, supporting straight-through processing of price discovery, central counterparty (CCP) clearing, settlement and open loan contract maintenance.
Pasquale "Pat" Cestaro III, Quadriserv CEO, says leveraging SunGard's infrastructure, technology and network resources will help it to reduce its operating costs.
"Over the years, we have enjoyed a productive and highly constructive relationship with SunGard based on the shared belief that technology, transparency, and a commitment to client service can drive meaningful change in the securities lending industry," Cestaro says.
The partnership between the two firms dates back to 2009, says John Grimaldi, executive vice president in SunGard's Capital Markets business.
"Since that time, our two companies have continued to integrate services to deliver innovative, productivity-enhancing technology and managed services to the securities lending industry, enabling our customers to operate smarter by helping increase efficiency and reduce costs," Grimaldi says.
In conjunction with the partnership, Quadriserv has appointed Rohit D'Souza, former CEO of Citadel Securities and former head of Global Equities at Merrill Lynch, to its board of directors. Gregory W. DePetris, co-founder of Quadriserv, and Brian Traquair, president of SunGard's Capital Markets business, have also been appointed to the board, which also includes Cestaro, Rob Stavis of Bessemer Venture Partners, Paul Brody of Interactive Brokers and Thomas Ascher of International Securities Exchange.
"We are confident that our expanded relationship with SunGard will bring new energy, resources, and operational infrastructure to the AQS Marketplace," DePetris says.