Press Releases
RiverCross ATS™ Selects SunGard’s Assent for Correspondent Clearing Services
December 1, 2008 — New York, NY
RiverCross ATS has selected SunGard’s Assent to clear and settle trades on its fully-automated dark pool. RiverCross ATS, launched in May 2008 by Susquehanna International Group, LLP, is an independent, agency-only alternative trading system that offers the sell-side continuous crossing services for both block and non-block orders in a secure environment.
SunGard’s Assent Correspondent Clearing Services provide and utilize a host of integrated features including risk management and portfolio analysis tools, purchase and sales processing, and Omgeo’s OASYS and ALERT Direct products. Assent Correspondent Clearing Services support proprietary trading firms, institutional agency firms, and other broker-dealers including electronic communication networks (ECNs) and alternative trading systems (ATSs).
Assent Correspondent Clearing Services help firms achieve cost efficiencies in clearing and settling equity and option transactions. RiverCross chose Assent not only for its customization capabilities but also for its automation, speed and customer-centric approach via dedicated account management. RiverCross will use SunGard’s Assent to help increase post-trade efficiency, while also helping to decrease miscellaneous infrastructure requirements.
“RiverCross selected SunGard because of its willingness to provide a custom-designed clearing system in Assent,” said Paul Onderdonk of RiverCross. “We are experiencing growth in volume and need a reliable, efficient clearing system, as well as a scalable architecture that can handle increasing capacity needs.”
Carmen Sturm, managing director, clearing, for SunGard's Assent business unit, said, “RiverCross’s selection of SunGard’s Assent Correspondent Clearing Services demonstrates our commitment to providing efficient, cost-effective solutions to alternative trading venues, in addition to our traditional customer base.”
About RiverCross ATS
RiverCross is a fully-automated alternative trading system enabling the sell-side to transact block and non-block orders anonymously, and in a high-availability, fault-tolerant and low-latency environment. Started by Susquehanna International Group, LLP, RiverCross leverages the company’s renowned technology and widely-respected trading acumen, while operating as an independent, agency- only ATS. To learn more about RiverCross, please visit us at
www.rxats.com.
About SunGard’s Assent Correspondent Clearing Assent Correspondent Clearing supports high volume processing in US cash, equities and options, with a host of integrated features including risk management and portfolio analysis tools, and purchase and sales processing. Assent Correspondent Clearing supports Reg NMS protected venues plus additional market centers including Dark Pools, ECNs and ATSs.
About SunGard
With annual revenue of $5 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world’s 25 largest financial services companies. Visit SunGard at
www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Assent 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.
Brokerage products and services offered through Brass Liquidity Services, and Correspondent Clearing Services, are provided by Assent LLC, member FINRA/SIPC.