Press Releases
Cantor Fitzgerald's UK Implementation of SunGard's Phase3 Completes Consolidated, Cross-Asset Operations Project
November 2, 2009 — Burlington, MA
Phase3 Provides Cantor with a Consolidated Platform for US and UK Equities and Fixed Income Securities Processing
Cantor Fitzgerald has completed its UK implementation of SunGard’s Phase3 multi-asset, multi-currency securities processing solution in a SunGard-hosted, application service provider (ASP) environment. The implementation marks the culmination of a project to convert all of Cantor’s US and UK equity and fixed income transaction processing, clearing and settlement operations from separate vendor platforms to one consolidated Phase3 platform.
As a global firm operating trading desks in major financial centers around the world, Cantor required a consolidated back-office platform in order to help increase efficiencies while reducing costs and operational risk associated with supporting multiple, disparate applications. SunGard’s Phase3 helps to provide Cantor with a holistic, global view of information on securities trades and transactions, and establish a consistent approach for the processing of operational data across the firm.
Tom Anzalone, senior managing director of global operations at Cantor Fitzgerald, said, “SunGard’s Phase3 gives us the ability to establish greater entity-wide coordination between our US and UK operations, and gain better knowledge and control of fails and exceptions, reconciliations, trade status, risk and exposure. In addition, with the one Phase3 platform managing our operational data and providing a single source of information to our risk systems, we are able to access risk and exposure information faster and without the need for additional IT resources to support multiple points of integration that tend to complicate and delay the process.”
Phase3 provides Cantor with a centralized interface messaging capability that helps automate trade matching, settlement and reporting with central bank and regulatory entities such as Crest, TRAX, Euroclear and SWIFT. In addition, Cantor uses SunGard’s Stream Report Writer for generating consolidated reports used to gain a holistic view of trades and transactions, fails and exceptions, risk, and general ledger accounting.
Gerry Murphy, president of SunGard’s brokerage and clearance business, said, “Like many firms with US and UK operations, Cantor is harnessing the power of a consolidated platform for securities processing across asset classes and borders. SunGard’s Phase3 helps to eliminate the need for multiple formats and data reconciliation, helping Cantor to gain consistency in its operations, generate confirms and management reports, and obtain a better view of trading activity on aspects that can impact the degree of operational risk, such as extended settlement trades, cancelled and corrected trades, and the aging of fails.”
About Cantor Fitzgerald
Cantor Fitzgerald, a leading global financial services firm has been a proven and resilient leader for over 60 years. The Cantor Fitzgerald franchise includes institutional debt and equity sales and trading, investment banking and real estate private equity, as well as other businesses and ventures. For more information, please visit www.cantor.com.
About SunGard’s Phase3
Phase3 is a real-time, order-to-settlement global securities processing solution supporting retail and institutional broker-dealers, ECNs and correspondent clearing firms. 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/phase3
About SunGard
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 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 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo, Phase3 and Stream 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.