FIS Launches Platform For Managing Distressed-Loan Trades

vanced Commercial Banking System (ACBS) division belonging to Fidelity National Information Services (FIS) has launched its fully functional Distressed Loan Trade Management and Settlement Platform on the ACBS ClearPar syndicated loan operations platform. ACBS ClearPar is the largest automated syndicated loan operations platform, and since first launching distressed trade settlement in the first quarter of 2008, nearly 7,300 distressed trades have been entered into the system. In the initial version, buyer, seller and agent bank were able to generate, circulate and execute legal documents associated with distressed syndicated loan trades. With the new platform launch, new functionality for managing distressed inventory and upstream allocations has been added as well as providing buyer's and seller's respective legal counsel access to fully participate in the process. "Previously, the industry had been dependent on disparate, nonstandardized spreadsheets to manage an inefficient and complex process of allocating inventory to trades and managing upstreams," says Scott Kostyra, senior vice president for ACBS. "With ClearPar, this process will be streamlined and standardized across the industry which, in turn, will considerably reduce all-in costs and settlement times associated with distressed trades." SOUR


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