NEW YORK, Aug. 21, 2012 /PRNewswire/ -- Cantor Fitzgerald & Co., a leading global financial services firm, plans to launch Cantor Clearing, a service providing clearing, settlement and technology solutions for financial services firms. Subject to FINRA approval, Cantor Clearing will provide a comprehensive suite of services to correspondent clearing firms including institutional broker dealers, online direct access broker dealers, registered investment advisors and other asset managers.
Cantor Clearing will use SunGard's integrated suite of clearing and settlement solutions to help streamline front-to-back securities processing for clients, focusing on the middle market, providing a single back-office books and records platform with real-time settlement and clearance interfaces to industry clearing houses, exchanges and other facilities. SunGard's integrated features, including pre-and post-trade analytics and portfolio analysis tools, will help drive efficiencies in transaction clearing and settlement, providing a cost-effective and competitive framework compared to alternative clearing solutions.
Noel Kimmel, CEO of Cantor Clearing and Head of Cantor Prime Services said, "The formation of Cantor Clearing will complement our comprehensive suite of products and services, and is a natural extension of our growing Prime Services platform. By leveraging existing in-house capabilities, our robust global infrastructure, cross-asset expertise and SunGard's technology, we will provide a comprehensive solution tailored to the needs of middle market clients. Cantor Clearing reflects our commitment to supporting the changing market landscape and evolving needs of our clients."
Shawn P. Matthews, Chief Executive Officer of Cantor Fitzgerald & Co., said, "We are excited about the opportunity to offer correspondent clearing services to clients, and to provide scalable solutions that support the management and growth of their businesses. We expect tremendous synergies, not only with our Prime Services group, but with Cantor's institutional sales and trading business, further enhancing our ability to serve clients' needs."
John Grimaldi, executive vice president of SunGard's North American securities operations and securities finance business, said, "SunGard's suite of clearing solutions is helping correspondent clearing businesses like Cantor Clearing increase efficiency and improve client service and retention. SunGard's real-time functionality allows customers to see positions and balances as they trade, enabling real-time transparency throughout the day. SunGard also supports multiple margin methodologies, helping Cantor Clearing to more effectively calculate and report relevant data to its correspondents and compete more effectively in a challenging industry."
While the new services require FINRA approval, Cantor Clearing anticipates providing such services in the fourth quarter of 2012.
About SunGard SunGard is one of the world's leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, 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 of about $4.5 billion, SunGard is the largest privately held software and services company and is ranked 480 on the Fortune 500. For more information, please visit www.sungard.com.
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About Cantor Fitzgerald Cantor Fitzgerald, a leading global financial services firm at the forefront of financial and technological innovation, has been a proven and resilient leader for over 65 years. Cantor is a preeminent capital markets investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in institutional equity and fixed income sales and trading and for its expanding presence serving the middle market with investment and banking services, prime brokerage, and commercial real estate financing. Cantor Fitzgerald also is a leader in new businesses including advisory and asset management services, gaming technology, e-commerce and other ventures. Cantor Fitzgerald & Co. is one of 21 primary dealers authorized to trade U.S. government securities with The Federal Reserve Bank of New York. Cantor Fitzgerald's 1,600 employees serve clients through over 30 locations, including major financial centers around the world in the Americas, Europe, Asia/Pacific, and the Middle East. For more information please visit www.cantor.com.
Note to Editors: Cantor Fitzgerald, L.P. is the parent entity of Cantor Fitzgerald & Co.