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Quadriserv expands relationship with SunGard to support securities lending initiatives

First Published 8th May 2013

SunGard to assume key operational and technological functions; senior SunGard executive joins Quadriserv's reconstituted board of directors

Quadriserv has announced that it has expanded its relationship with SunGard. SunGard will provide hosting and network services, operational and technical support, as well as software maintenance and development for Quadriserv's AQS platform, a central counterparty-based securities lending marketplace.

This expanded relationship builds upon the prior integration of SunGard's Loanet securities lending processing technology and Quadriserv's AQS automated trading system, which supports straight-through processing of price discovery, central counterparty ("CCP") clearing, settlement and open loan contract maintenance in a regulated, centralized trading environment.

"Over the years, we have enjoyed a productive and highly constructive relationship with SunGard based on the shared belief that technology, transparency, and a commitment to client service can drive meaningful change in the securities lending industry," said Pasquale "Pat" Cestaro III, Quadriserv's CEO. "We've made great strides in this respect, and look forward to an expanded relationship moving forward. Of equal significance, Quadriserv's ability to leverage SunGard's infrastructure, technology, and network resources will help us to achieve a key goal of reducing our operating costs."

"SunGard first collaborated with Quadriserv in 2009, when both companies foresaw the opportunity for positive change in the securities lending industry," added John Grimaldi, executive vice president, SunGard's capital markets business. "Since that time, our two companies have continued to integrate services to deliver innovative, productivity-enhancing technology and managed services to the securities lending industry, enabling our customers to operate smarter by helping increase efficiency and reduce costs."

Gregory W. DePetris, Quadriserv's co-Founder, concluded, "Since its inception, Quadriserv's goal has remained constant: to bring transparency and efficiency to the securities lending industry. Our efforts in pursuit of this goal have included working with industry participants, both lenders and borrowers alike, to streamline and transform trading procedures while offering financing tools that can best benefit their firms. We are confident that our expanded relationship with SunGard will bring new energy, resources, and operational infrastructure to the AQS Marketplace."

In connection with today's announcement, Quadriserv also announced a new investor and a reconstituted Board of Directors. Joining existing institutional investors which include Bessemer Venture Partners, Interactive Brokers, International Securities Exchange, and Renaissance Technologies, is private investor and industry veteran Rohit D'Souza. Mr. D'Souza, former CEO of Citadel Securities and former head of Global Equities at Merrill Lynch, will join the Board of Directors. Greg DePetris and Brian Traquair, president of SunGard's capital markets business, will also be joining the remaining directors Pat Cestaro III, Rob Stavis of BVP, Paul Brody of IB, and Thomas Ascher of ISE.

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