SunGard says the Fixed Income Clearing Corporation (FICC) says that its STN Settlements interface management service has completed testing for the DTCC-owned FICC’s corporate, municipal and unit investment trust division’s real-time trade matching service. STN Settlements’s fixed income interface also meets the Municipal Securities Rulemaking Board’s new regulation requiring submission of municipal trades within 15 minutes of execution messaging.
The interface is the third and final component of the STN Settlements fixed income service offering for FICC, which also includes real-time trade matching for government and mortgage-backed securities.
“We are pleased to have successfully completed and met the FICC’s rigorous testing requirements, proving the accuracy and effectiveness of STN Settlements’ ability to handle trading and real-time messaging scenarios for corporate and municipal bonds, and unit investment trusts,” says Doug MacFadden, senior vice president of strategic development at SunGard Securities Processing. “We continue to enjoy our long and productive relationship with the FICC, as we remain steadfast in helping to improve service to our mutual customers.”
STN Settlements is an automated clearance and settlement service that aims to consolidate and control multiple messaging interfaces on a single platform, connecting custodians, broker/dealers and banks to custodians, depositories and clearing institutions. It is available on an ASP basis.