Haitong International Securities Group Ltd. (665.HK) has chosen SunGard’s Global One solution to manage its new stock lending and borrowing business in Hong Kong.
Global One will provide front office trade input and management for its principal lending business with operational tasks for automated dividend and corporate action processing, settlement procedures, marks and full exposure and collateral management.
Complementing their growing presence in Hong Kong, Haitong International’s new stock lending business is now poised to handle much of the trade flow resulting from the growth of cross-border equity trading via Shanghai-Hong Kong Stock Connect. With their large retail base providing a broad inventory or stock for lending purposes, the company plans to leverage its retail knowledge to drive stock lending at an institutional level.
Duke Du, Managing Director – Equity Derivatives commented said: “We chose SunGard for this new business given the company’s proven track record with the Global One product and its knowledge in this industry. Adding to this, the Global One product was delivered on-time and on-budget which helped us manage the launch of the stock lending business at Haitong.”
From a business perspective Du added that, “Global One will allow us to process lists of securities that a counterparty might require. Using Global One’s Lender Trading Grid, we can successfully check our inventory, assign a lending fee, and book multiple security loans in a short period of time. The Hong Kong market will appreciate the speed at which Haitong can process lending requests.”
John Grimaldi, Group President, SunGard Securities Finance and Processing said: “Global One continues to be the system of choice for many lenders and broker dealers in the global marketplace. We look forward to working with Haitong International Securities Group Ltd., as we continue to expand our securities finance footprint in Asia-Pacific and SunGard’s growing list of clients that use Global One as their core system for equity finance.”