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SunGard and Velocity Trade

Nov 10th, 2009

Velocity Trade Goes Live with SunGard’s Sierra for Front- to Back-Office FX Trading

Velocity Trade, a wholesale foreign exchange dealer providing liquidity and execution in all major currencies, has gone live with SunGard’s Sierra real-time trading, risk and position management solution to help manage its FX trading services business. Sierra helps Velocity manage its clients’ position and margin requirements for a wide variety of FX instruments. Delivered on an application service provider (ASP) basis, Sierra was implemented using the solution’s quick start implementation program. This allowed Velocity to go live on the system and produce customer statements in one week.

In order to effectively service its clients and manage their growing trade volume, Velocity needed to replace its traditional manual, spreadsheet methods of managing cash and clients with a sophisticated FX cash system and effective client margin management solution. By using SunGard’s Sierra, Velocity now has a consolidated view of all its positions and is able to facilitate and automate margin management and back-office processing. Sierra helps to speed up processing and reduce the risk of operational error as all activity is managed on one solution. This also helps Velocity’s clients to accelerate their time to market and ensure accuracy of information.

Rodolfo Ledesma, head of trading at Velocity Trade, said, “SunGard’s Sierra meets our FX trading requirements with market connectivity and robust functionality that can flex to meet our growing needs. SunGard was able to meet our aggressive timeline for installation and we are pleased with the way in which the project was run. Sierra’s back-office functionality helped us to streamline our operations, and the real-time front-office tools it offers provide the information to help us assess and manage risk effectively.”

Jim Dennelly, senior vice president for Sierra at SunGard’s capital markets and investment banking business, commented, “SunGard’s Sierra quick start implementation program helps customers to select a new solution and access the market quickly. Having an expert team able to understand the needs of our customers combined with a proven solution makes this possible. We build solid relationships with our customers by providing them with Sierra via ASP –helping them reduce their IT costs without compromising the efficiency of their operations.”

About Velocity Trade

Velocity Trade is a global provider of Foreign Exchange services for institutions, corporations and broker-dealers.

Velocity Trade offers services that includes, very competitive prices in spot, short and long-dated forwards, and SWAPs, Velocity Trade also offers direct dealing access through its desktop trading application that provides transparent and real time market executable prices.

Launched in January 2008, Velocity Trade has consistently transacted in excess of 5 bln. dollars a month. Fully regulated with two large global banks as shareholders, Velocity Trade supports its clients from offices in Toronto, New York and London. For more information please visit www.velocitytrade.com.

About Sierra

SunGard’s Sierra is a suite of FX and treasury solutions for buy- and sell-side financial institutions. Sierra provides real-time connectivity to multiple trading partners, P&L and position management, FX margining, integrated risk management, post-trade processing capabilities and capital markets accounting. Sierra is available as an ASP solution through SunGard’s secure data centers or on an on-premises basis.

About SunGard

SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.

SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at www.sungard.com.

*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com

Trademark Information: SunGard, the SunGard logo and Sierra are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.

Article originally appeared: 2010