SunGard today announced that BBVA Securities, the U.S. broker-dealer of BBVA S.A. headquartered in Madrid, Spain, has committed to continue its use of SunGard's Phase3 multi-asset, multi-currency securities processing solution in a multi-year agreement.
BBVA uses Phase3 for processing equities, fixed income and foreign exchange trades in an application service provider (ASP) environment, integrated with SunGard's STN Settlements, a central interface management solution for securities clearance and settlement.
BBVA has relied on SunGard's Phase3 as its core securities processing system since 1996, and uses the system in its operations, risk, finance and front-office areas across several U.S. and international locations. Going forward, BBVA is looking to leverage Phase3's strengths in single platform, cross-asset processing to consolidate multiple business lines. This will help provide BBVA with a more flexible, holistic view of clients and profitability across businesses, while helping the firm enhance cost savings and processing efficiencies.
Pino Vallejo, managing director of BBVA Securities Inc., said, "As our business grows and we enter new markets, we look to SunGard to help us gain synergies by consolidating and streamlining our operations across the Americas. This will help our institutional clients more easily leverage BBVA to access new markets, as well as gain advantages of quick execution, confirmation and sound delivery. The ability to tap into the entire range of SunGard's financial solutions provides us with a unique advantage, and opens the door to money markets and banking activities on a more integrated, global scale."
Gerard Murphy, president of SunGard's brokerage and clearance business, said, "SunGard's strength in consolidating securities processing, clearance and settlement across various asset classes via its Phase3 platform, and the platform's ability to connect with other solutions, is key to helping firms capitalize on holistic views of information. By providing BBVA with access to a single source of aggregate client information and activity across the enterprise, SunGard will help the firm gain efficiencies, reduce costs and expand business opportunities internationally."