First Union Securities Inc. Switches to SunGard Brokerage Systems' Phase3 System.BEDFORD, Mass.--(BUSINESS WIRE)--Dec. 7, 1999-- SunGard Brokerage Systems, a leading provider of real-time, straight through securities processing systems and outsourcing services, today announced that First Union Securities Inc., concurrent with its acquisition of EVEREN Securities, Inc. and in keeping with its consolidation strategy for back office operations, has switched to the Phase3 System for the former EVEREN equity institutional, trading and market making activities. "One of the key benefits of Phase3 is the ability to consolidate a wide range of brokerage businesses and investment products onto a single platform. First Union is a driving force in a developing trend in the securities industry to build economies of scale and leverage a common platform for cost efficiencies and cohesion cohesion: see adhesion and cohesion. Cohesion (physics) The tendency of atoms or molecules to coalesce into extended condensed states. This tendency is practically universal. among business units," said David Taylor David Taylor or Dave Taylor can be one of several persons: Sports people
"Due in large part to the unparalleled expertise of SunGard's service professionals, the EVEREN conversion to Phase3 went extremely smoothly, enabling us to minimize our time to go-live and start benefiting from the system immediately," said Gary DeDilectis, senior vice president at First Union. "By consolidating our businesses onto one platform, we are better able to accommodate the needs of our traders and customers." First Union became a Phase3 client in May 1997. Since then, their Capital Markets division converted their institutional and OTC market Noun 1. OTC market - a stock exchange where securities transactions are made via telephone and computer rather than on the floor of an exchange over-the-counter market making equity business onto Phase3, allowing them to consolidate their books and records onto one back office system and satisfy the NYSE's single stock record requirement. With the October 1 completion of the EVEREN merger, First Union introduced its combined capital markets and capital management groups under the First Union Securities name. About First Union Securities First Union Securities is the trade name under which First Union Corporation conducts its investment banking, merger and acquisition advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , asset management and mutual fund, brokerage and insurance businesses. First Union Securities includes: (1) First Union Securities, Inc., a registered broker/dealer and member NYSE/NASD/SIPC, providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the US; (2) First Union Brokerage Services, a separately registered broker/dealer and member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. providing primarily retail brokerage services; (3) First Clearing Corporation, a separately registered broker/dealer and member NYSE/NASD and SIPC providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank, a national banking association and its subsidiaries providing asset management, lending, structured finance, risk management, derivatives, and fiduciary services to institutions and individuals; and (5) various wholly-owned state insurance agencies. About SunGard Brokerage Systems SunGard Brokerage Systems develops and supports the Phase3 System, a real-time, straight-through securities processing system used by brokerage firms to manage all facets of processing securities transactions-- including customer management, order routing and execution, clearance, reporting and accounting. Phase3 is used in a service bureau, facilities management The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. or in-house license environment by full service retail firms, institutional broker/dealers, discount brokerage firms discount brokerage firm A brokerage firm that discounts commissions for individuals to trade securities. Most discount brokerage firms offer limited advice but reduce their fees by 50% or more compared with full-service brokerage firms. , bank Section 20s, correspondent clearing firms, and ECNs. Additional information is available on the Web at http://www.sungardp3.com. SunGard Brokerage Systems is an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of SunGard Data Systems Inc., the only large specialized provider of proprietary investment support systems, and the pioneer and a leading provider of comprehensive computer disaster recovery services. SunGard Data Systems Inc. common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. . Phase3 and SunGard are registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trademarks belong to their respective owners. |
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