Raymond James upgrades Syn~TAC post-trade solution
15 September 2021 US
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Investment and financial services firm Raymond James has renewed its partnership with GBST to upgrade to the latter’s more advanced version of its middle-office post-trade solution, Syn~TAC.
The solution processes trades up to the point of clearing across multiple asset classes, as well as providing intelligent tools to correct errors, manage expectations and augment trades through settlement and reporting information.
Having employed GBST’s Syn~TAC solution for the past seven years, Raymond James has seen more than a 40 per cent improvement in straight-through processing (STP) rates, while the new version 3.3 upgrade is expected to extend STP capabilities even further and to lower cost per trade.
In addition, the new version of Syn~TAC will administer a higher level of efficient, automated post-trade allocation services to a wider range of buy-side clients, as well as manage exceptions across several electronic trade confirmation providers to reduce STP times.
It will also provide enhanced data maintenance services in order to meet regulatory data retention requirements.
Susan Horn, managing director, global equities and investment banking, Raymond James, explains: “Upgrading to Syn~TAC 3.3 was key to further advancing the automation function in our middle-office environment. We were delighted with the professionalism displayed by GBST’s upgrade team and their deep expertise and domain knowledge.”
“As a result of the upgrade, we will now be able to accommodate future trading volumes in excess of our substantial growth over the past two years,” she continues.
Denis Orrock, head of capital markets at GBST, adds: “We are thrilled to continue our longstanding relationship with Raymond James and extremely pleased with how smoothly the upgrade proceeded. There is a range of additional features and functionality that Raymond James will be able to utilise for the benefit of its business and clients.”
The solution processes trades up to the point of clearing across multiple asset classes, as well as providing intelligent tools to correct errors, manage expectations and augment trades through settlement and reporting information.
Having employed GBST’s Syn~TAC solution for the past seven years, Raymond James has seen more than a 40 per cent improvement in straight-through processing (STP) rates, while the new version 3.3 upgrade is expected to extend STP capabilities even further and to lower cost per trade.
In addition, the new version of Syn~TAC will administer a higher level of efficient, automated post-trade allocation services to a wider range of buy-side clients, as well as manage exceptions across several electronic trade confirmation providers to reduce STP times.
It will also provide enhanced data maintenance services in order to meet regulatory data retention requirements.
Susan Horn, managing director, global equities and investment banking, Raymond James, explains: “Upgrading to Syn~TAC 3.3 was key to further advancing the automation function in our middle-office environment. We were delighted with the professionalism displayed by GBST’s upgrade team and their deep expertise and domain knowledge.”
“As a result of the upgrade, we will now be able to accommodate future trading volumes in excess of our substantial growth over the past two years,” she continues.
Denis Orrock, head of capital markets at GBST, adds: “We are thrilled to continue our longstanding relationship with Raymond James and extremely pleased with how smoothly the upgrade proceeded. There is a range of additional features and functionality that Raymond James will be able to utilise for the benefit of its business and clients.”
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