SWIFT’s new global solution for central trade-date matching of equity and fixed income trades went live last month. The pre-settlement matching solution automatically identifies discrepancies in trade details that could cause trades to fail. As a result, problems can be resolved much earlier, preventing trade failures, and enabling brokers to reduce operational risks and costs and improve service levels.
Based on SWIFT’s foreign exchange (FX), money market and over-the-counter (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.
Chris Church, global head of securities at SWIFT, said: “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.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.