SunGard Securities Processing says that the Fixed Income Clearing Corporation (FICC) has given SunGard’s STN Settlements central interface management service official certification to roll out the FICC Mortgage-Backed Securities Division’s (MBSD) Real-Time Trade Matching (RTTM) interface to its mutual participants and customers.
The FICC MBSD RTTM interface is the second component of the STN Settlements FICC fixed income service offering, which also includes the FICC Government Securities Division (GSD) RTTM, providing broker/dealers and banks with consolidated, real-time interactive trade comparison and matching through a centralized Web-based browser application.
“FICC certification indicates that the STN Settlements interface for mortgage-backed securities has successfully completed our rigorous testing requirements, proving accuracy and effectiveness of STN Settlements’ ability to handle the necessary trading and real-time messaging scenarios,” says Thomas Quaranta, managing director of the FICC Government Securities Division. “We are pleased with our long and ongoing relationship with SunGard, and greatly appreciate all of the expertise and attention it provides toward helping to continuously improve service to our mutual customers.”
Part of the SunGard Transaction Network, 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 eliminates the need for financial institutions to build and manage separate bilateral connections, providing a low-risk migration to straight-through processing (STP), the flexibility to integrate with any back office systems simultaneously, and a fast implementation with little or no disruption to current infrastructures and processes.
STN Settlements supports U.S. and cross-border trading, including international and U.S. equities, fixed income and government/agency instruments. It currently includes interface management capabilities for the FICC RTTM systems for government and mortgage-backed securities, and is a SWIFT certified solution for securities messaging for trade settlement and clearance.
SunGard is also developing an interface for FICC’s Corporate, Municipal, and UIT (CMU, formerly NSCC) Services Division RTTM and interactive messaging, completing STN Settlements’ FICC RTTM interface suite. Development of STN Settlements’ CMU RTTM interface is on target for delivery in-line with the anticipated FICC rollout in the fourth quarter of 2003. In addition, STN Settlements will be pre-positioned to accommodate Municipal Securities Rulemaking Board’s (MSRB) new regulatory requirement that will require submission of municipal trades within 15 minutes of execution messaging via the FICC, by mid-2004.