UK Local Authorities Use SunGard's STN MMF Portal to Manage Cash
Several local authorities in the UK have adopted the SunGard Transaction Network’s (STN) Money Market Funds (MMF) portal to help them manage their short-term investment requirements and reduce counterparty risk. STN’s Money Market portal is a global, multi-currency trading and connectivity solution for institutional money market investors, such as local governments, corporate treasurers and hedge funds. Among the UK local authorities using STN are London Borough of Bromley and Arun District Council.
Martin Reeves, group accountant for London Borough of Bromley, said: “While the Council has been investing in money market funds for a number of years, using STN has helped us to open additional money market funds quickly and efficiently. The STN portal offers greater transparency by giving us the ability to view the countries and counterparties in which the money market funds are investing, and take our own view on acceptable levels of risk. It provides easy access to a fund’s prospectus and application form, the ability to compare interest rates paid by different funds, and confirmation e-mails as soon as a deal is placed.”