SWIFT is working with six global prime brokers to develop and operate a centralised pre-settlement matching solution to reduce the cost and risk of processing equity and fixed income trades originated by hedge funds around the world. By enabling trade matching on trade date or T+1, the solution will allow errors that could cause settlement fails to be identified up to two days earlier than they are today, drastically reducing risk for the brokers. The six brokers working together to pilot the solution during Q4 2008 include: Citi, Credit Suisse, Goldman Sachs, Lehman Brothers and Merrill Lynch. SWIFT and the prime brokers are currently working together to encourage the wider community of brokers processing trades for hedge funds worldwide to take advantage of the new solution. The solution is based on SWIFT’s established Accord central matching service and will use industry standard messaging.
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