The Solitaire du Figaro is a fantastic single-handed offshore race between France, Spain and Ireland. 50 skippers usually participate in the event sailing the same yacht, called the Figaro Beneteau…

Read more on the blog La Solitaire du Figaro, here

SunGard’s MarketMap real-time market data solution can now distribute Asian money market and fixed income data from Tullett Prebon, one of the world’s leading inter-dealer brokers. MarketMap customers will now be able to access and analyse Tullett Prebon data to support their investment decisions in Asia.

There is an emerging need for access to and analysis of Asian market data, as cross-market trading increases and more global financial firms seek investment opportunities in Asia. MarketMap can now offer customers access to this data, utilizing Software-as-a-Service* (SaaS) technology that provides rapid and flexible delivery of financial market data content to internal consumers and their clients. SunGard’s MarketMap helps improve efficiencies by integrating with firms’ trading engines, Web portals, back-office systems and other applications. The solution also provides usage monitoring via its administrative module SMART to help increase transparency into data costs.

Andrew Reeve, regional manager, Asia Pacific at Tullett Prebon Information, said, “Tullett Prebon Information’s proprietary pricing data, generated from Tullett Prebon’s global brokerage business is an invaluable content source for financial firms in their trading activities. SunGard’s MarketMap is an excellent new distribution channel for our Asian market data that will help financial firms broaden their scope of investment activity in the region.”

Yassine Brahim, president of SunGard’s global trading business, said, “SunGard continuously enriches MarketMap content to meet the evolving needs of customers. The addition of Tullett Prebon data can help enhance our ability to provide cost-effective and flexible access to a new range of Asian market data for our global customers.”

* SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating software-as-a-service (SaaS)-based solutions. Infinity uses a service-oriented architecture (SOA) development framework, offers a business process management platform (Infinity Process Platform) and a virtualized, on-demand delivery infrastructure.

About Tullett Prebon
Tullett Prebon (www.tullettprebon.com) is one of the world’s largest inter-dealer brokers and operates as an intermediary in wholesale financial markets facilitating the trading activities of its clients, in particular commercial and investment banks. The business now covers seven major product groups: Volatility, Rates, Non Banking, Treasury, Energy and Commodities, Credit, and Equities. Tullett Prebon Electronic Broking offers electronic solutions to these products.

In addition to its brokerage services, Tullett Prebon offers a variety of market information services through its IDB Market Data division, Tullett Prebon Information. Tullett Prebon Information is one of the leading providers of independent real-time information from the global OTC financial and commodity markets.

Tullett Prebon has its principal offices in London, New Jersey, Hong Kong, Singapore and Tokyo, with other offices, joint ventures and affiliates in Bahrain, Bangkok, Calgary, Frankfurt, Jakarta, Luxembourg, Manila, Mumbai, Paris, Salt Lake City, Seoul, Shanghai, Sydney, Toronto, Warsaw and Zurich.

About SunGard’s MarketMap
MarketMap provides the buy side and the sell side with financial market data, news, analysis, financial calculators and improved decision tools. Rapidly deployed and available on an ASP basis, MarketMap offers intuitive ease-of-use and is optimized for rapid navigation between multiple market views or workspaces. It is supplied with SMART (Subscriber Management And Reporting Tool), an integrated permissioning system, which allows users to monitor and control data costs in real-time.

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 MarketMap 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.

For more information, please contact:
Toby West, PR & Communications Manager
SunGard Financial Systems
Tel: +44 (0) 20 8081 2426
Email: toby.west@sungard.com

SunGard has developed a new clearing gateway in collaboration with Nord Pool, the Norwegian commodity derivatives exchange and part of the Nasdaq OMX Group. Nord Pool is one of the world’s largest power derivatives exchanges, as well as one of Europe’s largest carbon markets. SunGard’s Nord Pool Stream Gateway will help customers improve clearing performance and efficiency on the exchange.

SunGard’s Stream Gateways integrate with SunGard’s post-trade derivatives processing solutions, including Stream Clearvision, Stream Ubix, Stream GMI and Stream Options Watch. Developed in Java and based on industry standards such as FIX messaging, SunGard’s Stream Gateways can be delivered in a number of different technical environments including Windows, UNIX and Linux. Leveraging a scalable architecture, multiple gateways can be installed for a single exchange to help support increased trading volumes.

Yassine Brahim, president of SunGard’s global trading business, said, “Financial institutions continue to face challenges in terms of scalability and efficiency in post-trade derivatives. SunGard’s collaboration with Nord Pool to develop a Stream Gateway will help meet the growing need for improved clearing performance in the derivatives space, and build upon the success of our existing Stream Gateways for TOCOM, OCC, LME, SGX, EDX and IDEM.”

About SunGard’s Global Trading
SunGard Global Trading provides multi-asset, front- to back-office trading solutions for equities, fixed income, derivatives and commodities on exchanges worldwide. These solutions support full lifecycle trading and trade processing activities including information services, market connectivity and order management that help improve trade efficiency and risk monitoring.

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, please visit SunGard at www.sungard.com

Trademark Information: SunGard, the SunGard logo, GMI, Stream Clearvision and Stream Ubix 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.

For more information, please contact:
Toby West, PR & Communications Manager
SunGard Financial Systems
Tel: +44 (0) 20 8081 2426
Email: toby.west@sungard.com

London, 1st July 2010 – SunGard has extended its Valdi Market Access offering to provide financial firms with an ASP-based connectivity service to EuroTLX, an Italian-based European Multilateral Trading Facility (MTF) that specializes in fixed income trading.

The new service will be fully integrated with Valdi’s hosted smart order routing technology as well as ASP market access services to other fixed income venues, including Borsa Italiana’s MOT and Hi-MTF. With the service, SunGard’s Valdi Liquidity Solutions suite can help customers to better comply with best execution principles for fixed income trading – as it already does for European equities – making it a true multi-asset class offering.

Angela Fenwick, chief executive officer at EuroTLX, commented: “The development of smart order routing solutions in the fixed income arena, and their inclusion in the best execution policies of the majority of Italian banks, has allowed EuroTLX to become the principal trading venue in Europe for fixed income instruments targeted to non-professional investors. SunGard’s Valdi Market Access offering will help facilitate greater access to our marketplace and consequently should help us grow our business.”

Yassine Brahim, president of SunGard’s global trading business, commented: “Post-credit crisis, there is increasing interest in fixed income trading in Europe. Trading firms now require greater access to fixed income marketplaces and multi-asset solutions. One of the key challenges in capturing liquidity is to determine which liquidity pools to trade on. SunGard’s Valdi Market Access is an efficient and cost-effective solution that helps trading firms with connectivity and smart order routing to new trading venues, including fixed income MTFs.”

About EuroTLX

Based in Milan, EuroTLX is the first fixed income market in Europe focused on retail investors, where it is possible to trade more than 3,200 securities, the majority of which are fixed income instruments (government, banking, corporate, financial, emerging markets and supranational bonds), with a selection of investment certificates and American and European equities. Liquidity is provided by the hybrid microstructure of the market, order & quote driven. Every day circa 15,000 trades are executed on EuroTLX with a value of more than €400 million. For more information on EuroTLX, on the traded securities and on the services offered to brokers: www.eurotlx.com.

About SunGard’s Valdi

SunGard’s Valdi provides equities, futures, fixed income and options traders with multi-asset, front-to-back trading and risk management solutions on 110 markets worldwide. SunGard’s Valdi global trading solutions support the entire trade lifecycle including integrated trade and order management systems, execution services, risk management, compliance, and clearing and settlement services. With connectivity via SunGard’s global network, SunGard’s global trading solutions help customers achieve increased performance, low latency and execution across multiple platforms, instruments and geographies.

About SunGard

SunGard is one of the world’s leading software and technology services companies. It has more than 20,000 employees and serves 25,000 customers in 70 countries, providing software and processing solutions for financial services, higher education and the public sector. SunGard also delivers 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, please visit www.sungard.com.

Trademark Information: SunGard, the SunGard logo and Valdi 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.

Trade execution and clearing services in UK and Europe are provided by SunGard Global Execution Services Limited – Authorized and Regulated by the Financial Services Authority * Registered in England and Wales No. 3127109 * Registered Office: 25 Canada Square, London E14 5LQ.

US Brokerage products and services provided by Assent, LLC, member FINRA/SIPC

London, 28th June, 2010 – UK brokerage firm Winterflood Securities has gone live on the SunGard Global Network (SGN) low-latency market data and order routing network, SGN Securities, to gain access to its clients’ order flow generated on SunGard’s systems.

As part of an initiative to expand its equity business and trading services, Winterflood was looking for a solution to enhance its geographic and product reach. SGN Securities will help Winterflood’s local and international clients using SunGard’s trading platforms to route orders directly to exchanges, helping to improve execution speed and order management.

Philip Yarrow, director of electronic trading at Winterflood Securities, said, “Connecting to the SunGard Global Network was a natural choice for Winterflood as it helps us to expand our electronic execution services and therefore meet the demands of a wider global audience. For example, we have experienced increasing demand from both new and existing clients in the US to access our products and services electronically, whether for low-touch direct market access (DMA) to Europe or high-touch care orders managed by our dedicated sales traders. We are pleased to become part of the SGN community.”

Yassine Brahim, president of SunGard’s global trading business, commented, “SunGard continues to work with specialist brokers like Winterflood to build long-term relationships that help them achieve their business goals with global connectivity via our network. Using the order collection services of SGN Securities, Winterflood is able to provide our mutual clients with increased access to liquidity on UK and other European markets.”

About Winterflood Securities

Winterflood Securities is an international capital markets firm committed to efficient and responsive liquidity provision. It employs classic trading values and sophisticated modern technology to deliver a range of highly flexible execution services custom designed for each of its clients.

Making markets in pan-European securities, Winterflood is one of the leading liquidity providers in London. Its team of approximately 100 traders brings a wealth of experience and commitment to market making, offering brokers, asset managers and institutional investors over 10,000 tradable instruments including all UK, European and North American equities, together with investment trusts, ETPs, Gilts and bonds. Winterflood provides low-latency integrated electronic trading platforms that allow immediate access to internal liquidity, FIX order routing directly to exchange order books and MTFs, and dedicated sales trading services for managed orders.

For more information, please contact winner@wins.co.uk

About the SunGard Global Network (SGN)

A trade automation and connectivity solution, the SunGard Global Network links institutions throughout the financial services value chain, offering services for equities, fixed income, listed derivatives, mutual funds, money market funds and other cash equivalents. The SunGard Global Network helps automate the entire trade lifecycle from order execution through to post-trade processing. It provides access to 110 markets worldwide and connects the buy-side, third party networks, broker/dealers and investment companies, including more than 2,000 asset managers and 500 broker connections. Its international connectivity hubs also support low-latency market data delivery from global markets.

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, please visit www.sungard.com.

Trademark Information: SunGard, the SunGard logo and the SunGard Global Network 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.

« Les coûts externes ont un peu baissé, mais MiFID nous a un peu empêché d’en profiter, » regrette Laurent Laroche, responsable des Opérations Back Office chez Natixis Securities. « Avec la multiplication des plates-formes de négociation, c’est, pour chaque nouvelle connexion, toute la partie post-marché (compensation, règlement/livraison, conservation de titres) qu’il faut adapter. De fait, les brokers sont devenus multi venues, multi asset et multi type de clientèle. »

Des brokers sous pression

« Avec 17 segments de marché en Europe, l’internationalisation a passé un cap, » constate Guillaume Héraud, président de Parel, une filiale de la Société Générale spécialisée dans les activités de clearing pour les intermédiaires financiers. « Mais les spécificités au niveau local demeurent, voire se sont complexifiées. Désormais, on peut traiter une action italienne via la bourse italienne, mais également via un MTF avec une infrastructure post-marché différente. On relève également une accélération des innovations avec le clearing d’opération sur les Etats-Unis, bientôt en Asie. La réglementation évolue aussi avec l’interdiction des ventes short, par exemple. » Les conditions de marchés très difficiles avec une hausse de la volatilité ont entraîné des adaptations sur les capacités de traitement en termes de volume. De nouveaux risques, notamment de contrepartie ont pris beaucoup plus d’importance. « Enfin, les grilles tarifaires de certains acteurs sont devenues très complexes. On a enregistré, pour une même chambre de compensation (CP) plusieurs baisses de prix en 2009, » note Guillaume Héraud.

Apparition de nouveaux coûts

« Nous avons dû investir pour remplir nos obligations réglementaires, induites par MiFID, pour l’ensemble des brokers dont nous opérons les back offices, sans vraiment regarder les coûts,» se souvient Olivier Rolland, directeur des systèmes d’information d’Oddo & Cie. « Puis, nous avons observé une période d’attente, la fragmentation n’ayant vraiment fait sentir ses effets qu’à partir de l’été 2009. Depuis, nous regardons où se déplace la liquidité pour orienter nos investissements sur la chaîne post-trade. » Pour tous les acteurs impliqués dans le back office, cela a amené des coûts supplémentaires, au-delà des investissements consentis. « Il y a eu une évolution des managers de back office dans leur façon d’interagir avec le front office, les équipes IT, de maîtrise d’œuvre et de maîtrise d’ouvrage. Cela engendre des coûts difficiles à chiffrer, » confirme Olivier Rolland. « La variabilité de ces coûts supplémentaires des back offices ne sont pas forcément répercutés sur les brokers, qui eux-mêmes ne répercutent pas la variabilité de leurs coûts sur leurs clients. »

Rationalisation de la chaîne post-trade

« Maintenant que le marché a gagné en maturité, il y aura une troisième vague d’investissements pour rationaliser les chaînes traitement et conserver des marges à chaque niveau, » déduit Olivier Rolland. Pour Guillaume Héraud, les brokers vont devoir définir leur stratégie et adapter leur dispositif opérationnel. « En considérant l’ensemble de la chaîne post-trade, il y a tout un ensemble de combinaisons à étudier, il ne suffit pas d’adopter un ou plusieurs silos déjà constitués. Il y a des gisements d’économies dans la gestion du collatéral, par exemple : être en mesure de gérer la base clients des intermédiaires pour mieux qualifier les risques encourus, en améliorant ainsi les appels de collatéral dans le cadre du processus de clearing. » Mais, prévient Olivier Rolland, « dans un processus d’externalisation, il est important de conserver le niveau d’information du back office vers le middle office où doit se situer la relation avec les clients. Par exemple, tout ce qui concerne les suspens, une problématique bien maîtrisée, par le back office doit être embarqué dans les systèmes d’information du front/middle office pour être en mesure de réagir sur ces alertes et prendre contact avec les contreparties. » Target 2 Securities (T2S)* sera la plate-forme du futur pour l’externalisation du règlement/livraison et toutes les fonctions labellisées commodités. Et Pierre Mahieu responsable du développement des services chez Euroclear, de conclure : « les brokers et les dépositaires vont devoir faire le business case de la connexion à T2S et digérer les investissements afférents. L’enjeu des mois à venir est de savoir comment adapter son modèle économique à une zone géographique élargie. »

*Target to Securities : en juillet 2006, le conseil des gouverneurs de la Banque Centrale Européenne a lancé l’étude de la mise en place d’une plate-forme de règlement-livraison unique au sein de la zone Euro : Target 2 Securities.

Les courtiers doivent relever de nombreux défis en matière de middle et back-office tels que le besoin de fournir des services de haute valeur ajoutée à leurs clients, la possibilité de gérer leur développement international avec une plate-forme de middle office commune à leurs différents lieux d’implantation, la nécessité de procéder aux réglements-livraisons en respectant les régulations locales dans les environnements où la liquidité est fragmentée. SunGard propose Steam RIMS, un système de traitement des transactions sur actions et obligations en temps réel pour le middle et le back office. Modulable et largement automatisé, Stream RIMS permet aux sociétés intervenant sur les marchés de capitaux internationaux d’optimiser l’automatisation de bout en bout de leur processus (Straight-through processing – STP). Pour plus d’informations, cliquez ici.