NEW YORK, September 15, 2015 /PRNewswire/ -- As a leading global provider of securities transaction and fund administration software for the financial services industry, GBST has announced that it will be a sponsor for the upcoming SIFMA T+2 Symposium in New York City.
Scheduled for Thursday, September 17th, the half-day symposium will focus on the potential impact of the T+2 Industry Steering Committee's recently released white paper, "Shortening the Settlement Cycle: The Move to T+2." Specifically, the white paper details what needs to happen over the course of the next two years for the U.S. to move to a two-day settlement cycle (T+2) by the October 2017 target date. Attendees will hear more about what they can do to get ready for the move from both a regulatory and technology perspective.
According to Barry Raskin, CEO of GBST's Americas business, this symposium is a timely event. "There's no question that moving from T+3 to T+2 will benefit all parties involved - lowering costs, reducing risk and providing faster access to funds," he explains. "At the same time, however, the U.S. market faces some challenges in making this happen from a technological standpoint in particular. Proper planning will be essential to a successful transition."
This, Mr. Raskin says, is because many broker dealers in the U.S. work largely on legacy mainframe-based platforms that employ end-of-day batch processing. "Because all processing takes place once a day, at the end of the day, there's really no way for these systems to do anything faster." Processes also typically involve a good deal of manual intervention, further impacting the speed of settlement.
Yet several markets around the world are already operating on a two-day settlement cycle, where many firms have adopted more modern technology that relies on a rules-driven engine like GBST's Syn~ platform. Greg McDonald, Head of Product Strategy for the company's Americas business, says this flexible and dynamic approach to settlement technology will help U.S. firms make the move to T+2 much easier and faster. "Syn~ is all about automation and real-time processing - even exception notification and SSI enrichment," says Mr. McDonald, adding that since rules-driven workflows are mapped to each organization's operational structure, making changes is as simple as adjusting rules and workflows.
Broker dealers looking for more information about GBST and how their next generation Syn~ platform can help them make the move to T+2 will be able to meet with Mr. Raskin and Mr. McDonald, as well as John Kehoe, Head of Business Development in the Americas, at the symposium.
About Syn~
Designed for flexibility, scalability and usability - Syn~ delivers a full range of advanced, robust and reliable middle and back office solutions for streamlining clearing and settlement processes. With this, Syn~ is easily able to support multiple regions, entities and asset classes in a single iteration, enabling broker dealers to process U.S. and international trades on one system for a 24/7 global trade cycle.
About GBST
GBST (ASX: GBT), provides global technology services to the financial services industry, addressing our clients' constant needs for innovation, competitiveness and responsive IT that truly enables business. The company is already supporting shorter settlement cycles - including both T+2 and T+2 - in over a dozen markets across Australia, Europe, Asia and the U.S.
Listed on the Australian Securities Exchange, GBST has offices in Brisbane and throughout Australia, as well as a presence in London, New York, Hong Kong, Ho Chi Minh City and Singapore.
Contact: Barry Raskin
CEO, Americas Business
Barry.Raskin@gbst.com
+1-347-289-5464
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