Penson Worldwide Selects SunGard's STN Settlements for Straight-Through Processing of UK and European Clearing Operations.Business Editors BEDFORD, Mass.--(BUSINESS WIRE)--Nov. 20, 2002 Penson also renews contract for Phase3 securities processing system SunGard Securities Processing, an operating group of SunGard (NYSE NYSE See: New York Stock Exchange :SDS 1. (company) SDS - Scientific Data Systems. 2. (tool) SDS - Schema Definition Set. ), announced today that Penson Worldwide, Inc., will use SunGard's STN (SuperTwisted Nematic) A passive matrix LCD technology that provides better contrast than twisted nematic (TN) by twisting the molecules from 180 to 270 degrees. See DSTN. Settlements for its London-based affiliate, Penson Worldwide Settlements, Ltd. STN Settlements is an automated clearance and settlement service that connects custodians, broker-dealers, banks and futures commission merchants to custodians, depositories and clearing institutions for trade comparison, reconciliation, clearance and settlement. In addition, Penson has renewed its contract for Phase3, which it has used for multi-currency securities processing, clearance and settlement since 1995. STN Settlements provides post-execution comparison, matching and netting of trades to and from broker-dealers and outside entities for clearance and settlement. The system interfaces directly with Phase3 to provide a 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. environment. Penson, headquartered in Dallas, Texas, is a leading correspondent-clearing firm that provides clearing and settlement services to financial services companies in the U.S., the U.K., and Europe. "For Penson, London is the gateway into Europe, and we needed a reliable mechanism for communicating with our sub-custodians who are SWIFT-eligible, as well as reducing the risks of cross-border trading," said Mark Fawver, vice president of international clearing and settlement at Penson Financial Services, Inc. "Adopting STN Settlements into our infrastructure gives our clients a straight-through, seamless trading facility by removing redundant and manual tasks, and linking directly with the Phase3 multi-currency system," said Mr. Fawver. STN Settlements facilitates straight through processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. by leveraging SunGard Business Integration's MINT Knowledge family of products, bridging the gaps between a clearing firm's securities processing system and the many clearance and settlement facilities. STN Settlements eliminates the need for brokers to manage multiple connections, and handles exception management to quickly resolve problems and reduce risk. "With the SWIFT and Euroclear interfaces contained in STN Settlements, we will be able to better handle the many settlement rules in each country, while also taking advantage of STN Settlements' workflow capabilities such as exception management and a range of other capabilities that make reconciliation much more efficient," said Mr. Fawver. STN Settlements currently offers, from a single point of access, interfaces with the Government Securities Clearing Corporation's (GSCC GSCC See Government Securities Clearing Corporation (GSCC). ) Real-Time Trade Matching (RTTM RTTM Real-Time Trade Matching (financial industry) RTTM Reduce To The Max (Daimler, Germany slogan) ) system, SWIFT Category 5 compliant with the 15022 standards, Euroclear, and the Depository Trust Corporation (DTC DTC See: Depository Transfer Check DTC See: Depository Trust Company DTC See Depository Trust Company (DTC). ) inventory management system. SunGard plans to add several more interfaces to STN Settlements by the first quarter of 2003, including Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. government securities and Mortgage-Backed Securities Clearing Corporation's (MBSCC MBSCC See: Mortgage-Backed Securities Clearing Corporation MBSCC See MBS Clearing Corporation (MBSCC). ) RTTM. About STN Settlements Based on SunGard Securities Processing's StreamBridge central interface management system and knowledge base, STN Settlements is platform independent and provided in an ASP environment. STN Settlements is built on industry-standard communication and messaging protocols, including ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 15022 and XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. . STN Settlements uses SunGard Business Integration's MINT Knowledge Master and MINT Knowledge Broker integration solutions, which utilize Sun(TM) ONE products, and run on the Sun Microsystems (Nasdaq:SUNW SUNW Sun Microsystems, Inc (former stock symbol; now JAVA) SUNW Stanford University Network Workstation (Sun Microsystems, Inc) ) Solaris(TM) Operating Environment. About Penson Worldwide, Inc. Headquartered in Dallas, Texas, Penson Worldwide, Inc. is a global leader in providing clearing and settlement services. Penson clearing companies include Penson Financial Services and Penson Financial Futures in the U.S., Penson Financial Services Canada in Montreal and Toronto, and Penson Worldwide Settlement, Ltd. in London. Additional information is available on the Web at www.penson.com. About SunGard Securities Processing SunGard Securities Processing provides real-time, Web-enabled portfolio management, clearance and settlement, accounting and operations workflow solutions for broker/dealers, banks and futures brokers. Provided in an ASP environment, SunGard's straight-through processing solutions are designed to lower transaction costs, reduce risk, adapt easily to industry changes and provide a competitive advantage. Visit www.securities.sungard.com. About SunGard SunGard is a global leader in integrated IT solutions for financial services. SunGard is also the pioneer and leading provider of information availability services. SunGard serves more than 20,000 clients in over 50 countries, including 47 of the world's 50 largest financial services institutions. SunGard (NYSE:SDS) is a member of the S&P 500 and has annual revenues of $2 billion. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo, Phase3 and StreamBridge are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
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