Singapore Exchange Transforms Market Infrastructure and Achieves 99 percent Match Rates with TradeFlow™ from Fiserv
Brookfield, Wis., September 15, 2009 - Sibos Booth #3C03 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that Singapore Exchange Limited (SGX), Asia Pacific's first demutualised and integrated securities and derivatives exchange, is achieving more than 99 percent match rates for its SGX Prime pre-settlement matching service (PSMS), which is underpinned by TradeFlow™ from Fiserv. Alongside greater operational efficiency, the benefits from the infrastructure change have exceeded expectations that were established when the service went live one year ago.
"The partnership with Fiserv has facilitated a major change to the Exchange's core infrastructure. The introduction of SGX Prime PSMS transformed the Singapore market and, supported by the core functionality delivered through TradeFlow, has worked well for us," said Muthukrishnan Ramaswami, senior executive vice president and chief operations officer, SGX. "Over 85 percent of our institutional trades now settle automatically through PSMS and attain matching rates of over 99 percent on settlement date. The benefits from the project have exceeded our expectations and our customers have been able to achieve greater operational efficiency and reduce their operational risk."
SGX Prime was launched in October 2008 and has delivered important benefits, such as improved visibility and management oversight, as well as greater control to the Exchange and its participants, including brokers, depository agents and agent banks.
Paul Thomas, managing director, international operations, Investment Services at Fiserv commented, "SGX Prime, with TradeFlow as its core, has set a new global benchmark for best practice in post-trade securities processing. World class delivery resources from Fiserv, allied to our ability to build and support this complex infrastructure change, highlights our unrivalled expertise in driving innovation for our customers and their clients in transaction processing and exception management. The strength of TradeFlow's integration capabilities ensures that SGX Prime will continue to operate as an efficient and future-proof trade-processing hub."
Fiserv consultants worked closely with SGX to design and build a highly sophisticated solution to the Exchange's market requirements. TradeFlow's extensible matching capabilities incorporated the Exchange's 110 different matching rules as part of the process of validating and enriching a wide range of transaction types and instruments between market participants before they are passed to the Central Depository for settlement.
An example of the company's core competency in processing services, TradeFlow from Fiserv is designed to enable organizations to efficiently manage, monitor and measure the flow of securities and cash transactions across the enterprise and through counterparties and settlement agents, while minimizing operational risk and increasing operational efficiencies.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.
For more information contact:
Media Relations:
Irene Mulkeen
Director, Marketing
Investment Services
Fiserv, Inc.
+44 (0) 845 013 1240
irene.mulkeen@fiserv.com
Additional Fiserv Contact:
Judy Wicks
Vice President Communications
Fiserv, Inc.
678-523-0316
judy.wicks@fiserv.com
Sibos Booth #3C03