Press Releases
SunGard Launches New Corporate Stock Buy-Back Solution
October 6, 2009 — Wayne, PA
SunGard has launched a stock buy-back solution to help corporate treasurers automate and centralize the process of repurchasing equity shares on the open market and gain access to consolidated, Web-based transaction reporting. SunGard Transaction Network (STN) provides the corporate stock buy-back solution through a Web-based portal for managing all stock repurchase transactions and reporting. This solution helps treasurers work with any number of investment banks or brokers for stock repurchases, including SunGard’s agency broker, STN Execution Services.
Stock repurchase transactions are traditionally disjointed, manual processes whereby treasurers rely heavily on spreadsheets and e-mail. This time-consuming process can create a bottleneck for monitoring compliance with SEC Rule 10b-18, as well as for evaluating transaction cost benchmarks including Volume-Weighted Average Price (VWAP). STN’s corporate stock buy-back solution provides Rule 10b-18 VWAP reports complete with time-stamped executions.
STN users can also view executions throughout the day and work with their brokers to adjust their trading strategy as needed. STN provides consolidated reporting, including an end-of-day summary and a complete recap and summary at the end of purchase periods, for transactions that are executed through STN Execution Services, as well as for plans that use multiple brokers or banks. In addition, the STN solution provides automated notification of transactions to the corporations’ custodians, facilitating straight-through processing.
Kevin Rafferty, president of SunGard’s wealth management business, said, “STN’s corporate stock buy-back solution gives treasurers transparency into their counterparty’s fulfillment of their stock repurchase plans. In addition, when using STN Execution Services, corporations can be assured their plan is being executed by dedicated and experienced traders, and have the potential for reduced cost per transaction on stock repurchases.”
About SunGard Transaction Network
A trade automation, compliance and connectivity solution, the SunGard Transaction Network (STN) links institutions throughout the financial services value chain, facilitating the purchase and sale of many securities types, including U.S. and foreign equities, fixed income, mutual funds, money market funds, certificates of deposit, and commercial paper. Integrated directly with SunGard systems and with third-party systems, STN helps automate the entire transaction lifecycle.
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
Brokerage products and services of STN are provided by SunGard Institutional Brokerage Inc. * Member FINRA/SIPC * 377 E. Butterfield Rd., Suite 800 * Lombard, IL, USA 60148
Trademark Information: SunGard, the SunGard logo and STN 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.