SWIFT LAUNCHES CENTRAL TRADE-DATE MATCHING SOLUTION
Posted June 11, 2009
Based on SWIFT’s established foreign exchange, money market and OTC
derivatives matching platform Accord, the solution was developed to meet
the requirements of a group of major prime and executing brokers for
central matching of securities trades originating from hedge funds. The
brokers are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs and Bank
of America Merrill Lynch.
“Accord for Securities is helping our customers reduce operational risks
and costs at a time when this is absolutely crucial, and we are proud to
have fulfilled our commitment to deliver a securities matching solution
fully adapted to the needs of our community in a very tight timeframe,”
says Chris Church, Global Head of Securities, SWIFT.
SWIFT has delivered the Accord for Securities solution within a year of
being chosen by these brokers in a competitive selection process.
Following a successful pilot, several of the brokers are now live on the
solution as both prime (on behalf of hedge funds) and executing brokers,
with the remaining brokers scheduled to go live in the coming weeks. A
further wave of executing brokers is expected to join towards the end of
the year.
Accord for Securities, which matches trade and settlement information using the widely-adopted MT515 trade confirmation message, can be used not only for automated trade-date matching between prime and executing brokers for hedge fund trades, but also for matching between executing brokers (for over-the-counter securities trades) and between prime brokers (for transition management).