SunGard Launches New Solution for Options Exercise/Assignment and Close Outs
SunGard has launched GL Options Watch, a new straight-through processing (STP) workflow solution for option exercise/assignment and close outs.
London (Vocus/PRWEB ) June 10, 2009 -- SunGard has launched GL Options Watch, a new straight-through processing (STP) workflow solution for option exercise/assignment and close outs. GL Options Watch helps firms to better manage operational risk and reduce the risk of potential losses on options exercise and close out processes.
As derivatives trades move from historically high-margin over-the-counter (OTC) trading to lower-margin listed derivatives trading, there is increased demand for greater process efficiency and lower operational costs. Many firms still have manually intensive methods to handle options exercises, assignments and abandons, which can cause multiple errors and financial losses on transactions.
The STP workflow provided by GL Options Watch helps to improve the management of options exercise/abandonment operations, reducing the risk of potential errors by closely monitoring each process step. SunGard's GL Options Watch also automates the close-out process with exchanges, managing the reconciliation of a broker's positions with those of the exchange. Brokers can thus better manage when they are going to be assigned. The solution helps to reduce delays in offsetting options, helps reduce the resources needed to handle the offsetting process, and helps brokers to better assess the risks of being assigned.
Vincent Burzynski, chief product officer for SunGard's global trading business, commented: "Addressing the problems inherent in options exercise/assignment and close out is an important issue in the markets today. By helping eliminate manual tasks and closely monitor and automate individual processes, GL Options Watch is well placed to help our customers reduce both operational cost and risk. Its launch completes SunGard's integrated suite of post-trade derivatives solutions."
SunGard will preview GL Options Watch at an exclusive premier event at IDX (London, The Brewery, Malt Room - 9th June 2009, 3.15 - 4.00 pm)
About SunGard Global Trading
SunGard provides multi-asset, front- to back-office trading solutions for equities, fixed income, derivatives, FX 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 IT services companies. SunGard serves more than 25,000 customers in more than 70 countries, including the world's 25 largest financial services companies.
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 five 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 GL Options Watch 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.
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