Cor Financial launches Salerio.CONNECT

Cor Financial launches Salerio.CONNECT

First Published 3rd June 2013

New application to simplify first time automation of post trade processing operations for buy-side firms

London – Salerio, the post-trade management system used by securities and treasury trading firms, has announced the launch of Salerio Connect.

Salerio Connect has been created for small to medium-sized buy-side firms who want reduced operational risk and lower processing costs per trade to automate their post-trade operations. Salerio Connect integrates with SWIFT, the financial messaging provider, combining SWIFT’s Alliance Lite2 connectivity with Salerio’s processing power in an ‘out of the box’ application.

Bruce Hobson, CEO, Salerio, commented, “We know that all investment expenditure these days requires a compelling business case to support it. At the same time, it is becoming increasingly important for firms of all sizes to take control and automate their post-trade processes in order to minimise risks, lower costs and prepare to comply with ever increasing demands from regulation. We believe that customers will benefit hugely from our cost-efficient software delivery and pricing model. Our ‘out of the box’ approach requires minimum configuration and is designed to easily integrate with and work alongside incumbent processing capabilities. We are committed to helping more firms benefit from the cost reduction and processing efficiency that automation brings.”

Paul Taylor, Director, Global Matching, SWIFT, added, “The combination of SWIFT’s Alliance Lite2 connectivity with Salerio technology enables firms of any size to benefit from automation of their back-office operations. This is crucial today, with the pressure on buy and sell sides to reduce numbers of unaffirmed trades in order to control cost and risk, while meeting the requirements of forthcoming regulation such as CSD-R and getting ready for T+2 settlement. Salerio’s approach to packaging first time automation for buy side firms opens up the prospect of cost-effective STP to a wider audience, at a time when increasing numbers of brokers are adopting SWIFT’s ISO standard Global Electronic Trade Confirmation (GETC) solution in order to streamline the confirmation process with their clients.”

SmartStream supports SWIFT’s GETC solution

First Published 29th April 2013

SmartStream’s TLM Trade Process solution supports SWIFT’s Global Electronic Trade Confirmation solution

Brussels – SmartStream Technologies, the financial Transaction Lifecycle Management provider has announced that its TLM Trade Process Management solution, which addresses the post-trade allocation, confirmation, clearing and settlement processes, now fully supports SWIFT’s Global Electronic Trade Communication (GETC) solution.

GETC uses SWIFT ISO 15022 messages to provide a standardised process for matching fixed income and equities trades for both buy and sell-side firms. The post-trade world still has a large amount of manual processing and GETC enables participants to reuse their existing SWIFT infrastructure to create a standardised and automated approach to confirmation matching. GETC can minimise operational risk, increase STP and reduce the costs of post-trade processing.

Dr Darryl Twiggs, Head of Product Management, SmartStream Technologies, comments: “With the ever increasing pressure to reduce costs in the middle and back-office while at the same time lowering the risk of failed or late trades, customers are looking for alternative post-trade solutions. By supporting the GETC solution our customers now have more options for handling post-trade processing. In addition to supporting the automation of allocation only or block allocation confirmations, SmartStream’s TLM Trade Process Management solution offers the complete automation of the transaction across the middle and back-office from point of execution to settlement”.

Paul Taylor, Director New Business Development – Global Matching, SWIFT, says: “It is a pleasure to be working with SmartStream to make our GETC local confirmation solution even more accessible to the marketplace. As the industry strives to improve post-trade operational efficiency, many buy and sell-side firms are opting for local matching solutions for the automation of trade confirmations. By supporting the use of GETC, and providing an installed local matching engine that accepts GETC messages, SmartStream is making a great contribution towards helping the community drive out cost and risk from this vital post-trade function.”

Broadridge launches Swift GETC offering

First Published 29th April 2013

Broadridge announces Swift Global Electronic Trade Confirmation solution

Broadridge Financial Solutions has launched its solution for Swift Global Electronic Trade Confirmation (GETC).

The solution is intended to enable sell-side institutional brokers to optimize their service provision to institutional fund managers through a fully automated confirmation and affirmation process for trade allocations. It also enables brokers to maximize STP rates and streamline their own post-trade processing and settlement operations.

The Broadridge solution supports SWIFT GETC messages (MT515, MT509 and MT517) and provides operational control through full transparency of the message generation, flows and statuses. Upon receipt of the successful affirmation message (MT517), a SWIFT MT54X settlement message is released, allowing clients to manage and control their post-trade activities. The solution extends the range of confirmation-related market services already supported which includes Omgeo’s Central Trade Manager (CTM) and OASYS Global, and SWIFT’s Accord for Securities.

“We have worked closely with SWIFT to ensure support for the mutual client base interested in GETC,” said Phil Dobson, Director, Strategy and Product Management, Broadridge. “We will continue to keep our solutions aligned to market advancements for a range of service providers. The proposed introduction of shortened settlement cycles in some markets in 2014 will put even greater emphasis on timely and efficient confirmation and allocation processes.”

“We’re delighted to further advance our relationship with Broadridge, and are pleased with their speed to market as one of the first to offer a GETC solution,” said Arun Aggarwal, Managing Director, UK and Ireland, SWIFT. “We are seeing a growing demand for our GETC solution, and we are firmly committed to working in alliance with best-in-class solution providers to help our customers drive greater efficiencies in their post-trade operations.”

MAN Group live on SWIFT’s global ETC messaging solution

Man Group plc (“Man”)™, the world-leading alternative investment management business announced today that they have gone live with SWIFT’s Global Electronic Trade Confirmation (GETC) messaging service, having successfully confirmed first trades with Morgan Stanley via the Cor Financial Salerio (“Salerio”)™post-trade management service.

Man Group now has the flexibility to match securities trades both centrally or locally. This flexibility reduces risk by eliminating dependencies on a single matching provider.

Financial services firms are under increasing pressure to bring efficiencies to post-trade processing and reduce risk. Man Group is one of the first buy-side firms to take advantage of the benefits that choice between central and local matching can offer. This illustrates a commitment to delivering on-going operational improvements in post-trade processing. SWIFT’s GETC solution uses the ISO standard to provide a consistent messaging format from block through to settlement.

Robert Ottley, Head of Trading Operations, Man Group said, “The project to deliver SWIFT GETC has been completed in less than seven weeks from the first test release to go-live. This is thanks not only to the quick turnaround from Salerio, but also to Morgan Stanley who have been extremely supportive during the testing phase of this project. We will continue to add brokers to this network throughout 2013.”

Michael Fiscella, Executive Director, Morgan Stanley comments, “Morgan Stanley is pleased to be supporting MAN Group’s vision of building partnerships to deliver common solutions. Enabling STP and standardization through proven industry platforms enhances operational efficiencies and we commend MAN Group, Cor Financial Salerio and SWIFT for their efforts in this successful implementation.”

Bruce Hobson, Head of Cor Financial Salerio added, “We congratulate Man Group in taking the lead as early buy-side pioneers. This initiative will allow their organisation to match their trades both centrally and locally which in turn, will reduce both cost and risk. We welcome other buy-side firms to follow Man Group’s example.”

Arun Aggarwal, Head of UK, Ireland and Nordics, SWIFT said, “We are delighted that Man Group has gone live on SWIFT’s global ETC messaging solution. Working with Salerio helps us to increase our coverage of major buy-side firms. SWIFT’s global ETC solution enables firms to preserve their existing investment in STP and matching solutions, and to cost-effectively retain or achieve high levels of operational efficiency.”

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