NEW YORK, Dec. 14, 2009 (GLOBE NEWSWIRE) -- Quadriserv, Inc. and SunGard today reported progress with respect to their joint technology initiative previously announced in May of this year. Specifically, the integration of Quadriserv's AQS securities lending platform and SunGard's Loanet securities lending processing technology now supports straight-through processing of price discovery, central counterparty ("CCP") clearing, settlement and open loan contract maintenance in a regulated, centralized trading environment. AQS is a fully electronic securities lending platform operated by Automated Equity Finance Markets, Inc., a wholly owned subsidiary of Quadriserv. These implementation steps represent a critical milestone in both organizations' efforts to provide productivity tools that deliver automation to the stock loan industry commonly found in other areas of capital markets, while enhancing securities lending portfolio management through new market data and analytical capabilities.
"Quadriserv and SunGard have collaborated quickly and effectively to deliver straight-through processing of transactions executed in the AQS marketplace," commented Thomas J. Perna, Chairman and CEO of Quadriserv. "We look forward to continued collaboration with SunGard to ensure optimal integration with our AQS platform, which brings improved automation, transparency, access and settlement efficiency through a CCP to the securities lending market."
John Grimaldi, executive vice president and general manager of SunGard's Loanet business unit, commented, "A key goal from the outset was to enable SunGard's Loanet and AQS customers to benefit from cross-platform data accessibility, allowing users to seamlessly manage open loan positions. We are pleased to have delivered on this important objective in just a few months time, and believe it gives us a proven platform to continue integration efforts that help enhance transparency, efficiency, and analytical capabilities for our mutual customers."
About Quadriserv, Inc.
Quadriserv is a leader in delivering transformational market structure changes to the securities lending industry. Quadriserv, through its wholly owned subsidiary, Automated Equity Finance Markets, Inc., has developed the AQS(R) platform for securities lending. AQS, through its relationship with The Options Clearing Corporation, operates a centralized marketplace for securities lending transactions in the U.S., and plans to expand into the European market through its relationship with Eurex Clearing. As a FINRA member broker-dealer and a SEC regulated alternative trading system, AQS aims to maximize liquidity, access, credit and transparency, while mitigating systemic risk, through a fully automated trading environment. For more information about Quadriserv, please visit www.quadriserv.com or www.tradeaqs.com.
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 US$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 and Loanet 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.