A trade automation and connectivity solution, STN connects institutions throughout the financial services industry to facilitate straight-through processing across the entire transaction lifecycle. Similar to STN, SWIFTNet FIX provides asset managers, broker-dealers, exchanges and ECNs with a secure and reliable messaging platform to exchange FIX messages with counterparties worldwide. With the addition of SWIFTNet FIX to its list of network end-points, STN is able to provide its U.S. broker-dealers and asset managers with connectivity to an expanded number of global counterparties for cross-border trading.
Sang Lee, managing partner at Aite Group, a US-based research and advisory firm, commented, "As the use of FIX continues its explosive expansion to help enable trading across asset classes and around the globe, market participants will expect to transit networks seamlessly to reach all their desired counterparties. Having two industry giants like SunGard and SWIFT cooperate at this level demonstrates real forward-thinking on both parts, and helps expand the global reach, access, and opportunities for their respective customer communities."
By enabling SWIFTNet FIX messaging for indications of interest (IOIs), order execution and post-trade processing, STN is helping customers to increase operational efficiency, reduce costs and mitigate trade-related risks. Broker-dealers that consolidate their network connectivity through STN, including those using the BRASS order management system, can gain easier access to trading partners worldwide. U.S. asset managers connected to STN will have single network access to an expanded number of broker-dealers and message compatibility across all transactions.
"This announcement builds on a longstanding SunGard/SWIFT relationship aimed at increasing reach and value to the Swift community," said, Francis Remacle, head of securities at SWIFT. "SWIFT welcomes SunGardâs proactive approach to increasing the use of FIX messaging over SWIFTNet."
"SunGard and SWIFT are working together to create connectivity between buy-side and sell-side participants," said Till Guldimann, SunGardâs vice chairman. "As FIX continues to gain momentum as a worldwide industry standard and the industry increasingly values the efficiencies gained by having a single connection across message types, STN, through its link to SWIFTNet FIX, is helping the buy side and sell side to optimize end-to-end straight-through processing on a global basis."