Press Releases
ITG Goes Live on SunGard's Stream Phase3 Interface to DTCC's ID Net Service for Processing DTC/NSCC Institutional Equity Trades
September 13, 2010 — Burlington, MA
Investment Technology Group (NYSE: ITG) is now using SunGard’s Stream Phase3 solution to process institutional equity trades via The Depository Trust & Clearing Corporation’s (DTCC) Institutional Delivery Netting Service (ID Net). SunGard is the first application service provider (ASP) for broker-dealers to offer securities processing support for ID Net, while ITG is the first broker-dealer to use the ID Net service through the Stream Phase3 solution.
ID Net extends the benefits of netting to institutional trade settlement by giving broker-dealers the ability to combine their eligible and affirmed institutional equity transactions with their Continuous Net Settlement (CNS) transactions. This reduces delivery fees and movements to and from accounts, as well as helps to mitigate operational risk and reduce costs across the clearance and settlement process.
A real-time, global multi-asset securities processing solution, Stream Phase3 provides full processing support for ID Net, including real-time functionality to help broker-dealers streamline the clearance and settlement process and reduce exposure. A customer of Stream Phase3 since 2006, ITG began using the system’s ID Net processing capability in June 2010.
Stephen Wasserman, director of settlement product management at DTCC, said, “ID Net helps to increase the overall certainty of settlement for matched institutional trades, encourages early affirmation and reduces risk. We’re pleased to work with SunGard as the first ASP for broker-dealers to fully support ID Net processing for institutional trades and to help ITG begin realizing the risk mitigation and cost reduction benefits of the ID Net service.”
Tony Portelli, managing director and head of operations at ITG, said, “The ID Net capability of Stream Phase3 is particularly useful for institutional broker-dealers such as ITG. With products such as Stream Phase3, SunGard helps us efficiently manage high-volume and high-value institutional trade processing while reducing transaction fees and costs.”
Gerry Murphy, president of SunGard’s brokerage and clearance business, said, “As the volume of institutional trading grows, the number of steps, risks and costs in the overall clearance and settlement process also increases. We continue to adapt to an ever changing industry, and we are pleased to help ITG become an early adopter of the ID Net service and Stream Phase3’s ID Net processing.”
About ITG
Investment Technology Group, Inc., is an independent agency broker and financial technology firm that partners with asset managers globally to improve performance throughout the investment process. A leader in electronic trading since launching the POSIT(R) crossing network in 1987, ITG takes a consultative approach in delivering the highest quality institutional liquidity and market-leading execution services, measurement tools, and proprietary data. Asset managers rely on ITG's independence, experience, and intellectual capital to help mitigate risk, improve performance, and navigate increasingly complex markets. The firm is headquartered in New York with offices in North America, Europe, and the Asia Pacific region. For more information on ITG, please visit http://www.itg.com/.
About DTCC
DTCC, through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC's depository provides custody and asset servicing for more than 3.6 million securities issues from the United States and 121 other countries and territories, valued at US$33.9 trillion. In 2009, DTCC settled nearly US$1.48 quadrillion in securities transactions. DTCC has operating facilities and data centers in multiple locations in the United States and overseas.
About SunGard’s Stream Phase3
Stream Phase3 is a real-time, order-to-settlement global securities processing solution supporting retail and institutional broker-dealers, ECNs and correspondent clearing firms. Stream Phase3 helps organizations automate securities processing, helping to reduce the delays and errors associated with manual interventions and helping to efficiently accommodate large trade volumes. It also assists customers in consolidating their records by helping them to process all securities types on a single platform, using a single database, including equities, fixed income, mutual funds, and annuities. www.sungard.com/streamphase3
About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Stream Phase3 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.