Cantor Fitzgerald plans to launch Cantor Clearing, a service providing clearing, settlement and technology solutions for financial services firms.
Cantor Fitzgerald 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 suite of services to correspondent clearing firms including institutional broker dealers, online direct access broker dealers, registered investment advisers and other asset managers.
Cantor already provides equity and fixed income clearing and trade execution services to hedge funds, money management firms and proprietary trading firms via its prime brokerage unit launched in 2009.
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, chief executive of Cantor Clearing and head of Cantor Prime Services, says: "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."
John Grimaldi, executive vice president of SunGard’s North American securities operations and securities finance business, says: "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."
