Advent Software Prepares for T+1 With DTC TradeSuite Integration.SAN FRANCISCO--(BUSINESS WIRE)--May 10, 1999-- The Depository Trust Company Depository Trust Company (DTC) DTC is the world's largest central securities depository. It accepts deposits of over 2 million equity and debt securities issues (valued at $23 trillion) from over 65 countries for custody, executes book-entry deliveries (valued at over $116 trillion (DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). ) and Advent Software Advent Software (NASDAQ: ADVS) makes software designed to automate portfolio accounting for investment management firms, ranging from family offices and investment advisors to large institutional investors and hedge funds. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADVS ADVS Automatisiertes Datenverarbeitungssystem ADVS Assistant Director Veterinary Service ) announced today that Advent Office(TM) will be integrated with DTC TradeSuite(SM) to provide a streamlined, exceptions-based model for Advent clients' trade and settlement-related activities. "Our ultimate objective is to provide our clients with an operational environment that is ready for T+1 settlement, well in advance of this major industry change," said Peter Caswell, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Advent. "More than 800 of our clients use our current technology to communicate with DTC on a daily basis. Integrating with DTC TradeSuite represents a logical next step in Advent's continued progression of delivering improved methods for managing data electronically in an increasingly rapid environment. It is one of the cornerstones of our STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. solution." "Integration between applications like DTC TradeSuite and Advent Office will allow investment managers to recognize substantial operational efficiencies in their workflow and supports the industry goal of straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. ," said Robert Nicholson, DTC Vice President. Initially, Advent's collaboration with DTC will give Advent clients the option of using TradeSuite software to quickly and efficiently retrieve confirmations and send affirmations. Advent plans further collaboration with DTC, including enhanced support in Advent Office for DTC's TradeMatch(SM), enabling clients to centrally match at DTC and eliminate affirmation processing. About The Depository Trust Company The Depository Trust Company (DTC) is the world's largest securities depository, holding more than $19 trillion in assets for its Participants and their customers. DTC is a national clearinghouse for the settlement of trades in corporate and municipal securities and performs securities custody services for its participating banks and broker/dealers. Last year, DTC processed over 164 million book-entry deliveries valued at more than $77 trillion. Owned by members of the financial industry who are its users, DTC is a limited purpose trust company under New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Banking Law, a member of the Federal Reserve System and a registered clearing agency with the Securities and Exchange Commission. About Advent Advent Software, Inc. is the leading provider of Enterprise Investment Management solutions. The company provides a suite of integrated products for the front, middle and back offices of investment management organizations. The company's common stock is traded on the NASDAQ National Market under the symbol ADVS. Editor's Note: For more information or to license Advent Software products, readers can contact Advent Software, 301 Brannan Street, San Francisco, CA 94107; phone (415) 543-7696, or visit Advent's web site at http://www.advent.com. Advent Software, Inc., and Advent Office are trademarks or registered trademarks of Advent Software. All other products or services mentioned herein are trademarks or registered trademarks of their respective companies. |
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