San Francisco, CA, February 7, 2000 - Advent Software, Inc. (Nasdaq: ADVS) the leading provider of Enterprise Investment Management (EIM) technology, announces it has formed a strategic ‘Trading and T+1 Solutions’ management group. This internal group has been formed to ensure that the future development of Advent products and services reflect the lifecycle of a trade, and build efficiencies for clients based on the unique challenges that T+1 will pose to their operations.
The Securities and Exchange Committee has designated mid-2002 as its goal for moving the industry to a trade date plus one day (T+1) settlement and clearing timeframe. Advent’s Trading and T+1 Solutions group will encompass Advent’s Moxy¸ and Rex¸ products, the Advent Custodial Data service, and its Depository Trust Corporation (DTC) interfaces. The new group will be spearheaded by William H. Penney, product manager for Moxy, the industry’s most widely used trade order management system.
"While the adoption of T+1 settlement will immediately benefit investors and the investment management industry, we must be prepared to address the impact upon trading and trade operations areas in firms," said Mr. Penney. "For them, the process of tracking down and comparing and settling each and every trade will take on an immediacy that has not existed before."
"The move to T+1 is an unprecedented initiative in the industry, and an event that will have an impact on all of our clients," said Peter Caswell, President and CEO of Advent. "We’re reorganizing ourselves to help our clients think strategically about their optimal operational workflow, maximize the technology they’re using now, and prioritize the technology investments they make down the road."
Advent Software, Inc. is the leading provider of Enterprise Investment Management solutions. The company provides a suite of complementary products for the front, middle and back offices of investment management organizations. The company’s common stock is traded on the NASDAQ National Market under the symbol ADVS.
Advent Software, Inc., Moxy and Rex are registered trademarks of Advent Software. All other products or services mentioned herein are trademarks or registered trademarks of their respective companies.
Advent Software, Inc.
301 Brannan Street
San Francisco CA 94107