FIS Launches Distressed Loan Trade Management and Settlement Platform
Fidelity National Information Services (FIS) has launched its distressed loan trade management and settlement platform on the Advanced Commercial Banking System (ACBS) ClearPar syndicated loan operations platform.
ClearPar is the largest automated syndicated loan operations platform, settling more than 80% of all Loan Syndications and Trading Association (LSTA) par loan trades. Since first launching distressed trade settlement in the first quarter of 2008, nearly 7,300 distressed trades have been entered into the system. New functionality for managing distressed inventory and upstream allocations has been added to the platform, as well as providing buyer’s and seller’s respective legal counsel access to fully participate in the process.
“Over the last year, we have been actively engaged with our sell and buy-side customers and legal advisors in developing the distressed management and settlement platform,” said Richard Levy, president of the ACBS division. “With this release, ClearPar has extended its reach beyond just the settlement of trades by adding functionality which allows our customers to manage their distressed inventories more efficiently, more accurately and in a way that will provide a standard for the industry.”