First Customer In Japan Live With SunGard’s ASP
Sunguard announced August 6 that the Energy Division of Marubeni Corporation has become the first SunGard customer in Japan to go live with SunGard’s ASP connectivity services to support its trading and clearing operations on the Tokyo Commodity Exchange (TOCOM). Marubeni has also implemented SunGard’s GL Clearvision, a real-time middle-office matching and clearing system for derivatives, on an ASP basis. SunGard’s connectivity services will help Marubeni to access and trade on TOCOM, while GL Clearvision will help it to match orders with executed trades in real-time and send clearing instructions to the central clearing house.
In 2008, TOCOM announced the replacement of its entire exchange system. Marubeni therefore had to adapt its trading and clearing systems to maintain its business with TOCOM. SunGard was able to offer Marubeni a combined ASP offering that would allow it to outsource the complex activities involved in procuring and managing the infrastructure required for market access and clearing. A rapid implementation schedule meant that Marubeni’s users have been able to access cost-effective, managed connectivity and clearing services since May 2009.
Yukihiko Ishida, general manager, energy middle office at Marubeni, said: “SunGard’s ASP solutions have helped Marubeni to adapt quickly to changes in our key markets. Implementing SunGard’s solutions will also allow us to take advantage of its GL Net network, which will help us to extend our trading operations to new international markets in the future.”
Franck Peltier, managing director for SunGuard’s global trading business in Asia, commented: “Financial market turmoil has given rise to two key challenges for trading firms: cost-control and an increase in exchange-based trading. Our hosted solutions and services help firms to meet these challenges in a cost-effective way.”
Article Source: Sunguard website