SunGard has developed a reporting tool that it says will help broker-dealing customers manage both their regulatory obligations and their trading business. The system is live at 10 customer sites, including Thompson Davis & Co.
The Management & Compliance application aims to give firms the ability to review and analyze regulatory issues in a timely manner, so they can make appropriate adjustments to their strategies. The system provides the ability to filter and analyze order and execution data to detect patterns and trends. Managers can sort the data by trader, desk and security and create a variety of reports and graphically represent the information.
Users can access the previous day’s 11ac1-5 and the preceding month’s 1-6 statistics and drill down to critical underlying data. (SEC Rules 11ac1-5 and 1-6 are aimed at improving public disclosure of order execution quality and require market centers to make regular electronic reports.)
Kevin Rutherford, director of equity trading at Thompson Davis & Co., said that his firm selected Management & Compliance because it “was the simplest, most economical choice for publishing our firm’s 11ac1-5 and 6 reports.”
In addition to facilitating regulatory audits of Rule 11ac1-5 and 1-6 statistics, the modular system provides best execution and Limit Order Display reports and delivers Rule 132 OTS data to the New York Stock Exchange. (The NYSE’s Order Tracking System (OTS) requires member firms to report order information related to securities listed on the NYSE.)
The open system, which comes with a Windows-based front end, can accept data from any order management or delivery system. Management & Compliance normalizes the data to help users avoid inconsistencies between their books and records and best execution or Limit Order Display reports.
“Management & Compliance helps empower firms to identify regulatory or best execution issues more quickly and manage other dimensions of their business ,” says James T. Leman, president of SunGard Trading Systems/BRASS. “With Management & Compliance, firms can have more control over and access to their data.”