01 August 2015

Formicary gets SwapClear CCP2 certification

29 January 2014  |  801 views  |  0 Source: Formicary Limited

Formicary Limited, a niche provider of consultancy and integration software to the financial services industry, is now a qualified partner in the SwapClear Consultancy Certification Program (CCP2).

Formicary has been engaged with LCH.Clearnet for over five years, initially providing technical assistance with SwapClear's successful handling of the Lehman Brothers default. The technology consultancy has since played an integral role in several initiatives at LCH.Clearnet, including the development of the ClearLink trade interface and various member-facing applications, such as tools for margin simulation and collateral management.

Formicary's Clearing Group has helped a number of organisations to attain SwapClear membership and has enabled others to integrate their derivatives trading systems with SwapClear processes. Formicary's knowledge of SwapClear business practices and technology enables it to provide both existing and prospective members with efficient working solutions which comply with CCP membership requirements. Services include onboarding new members, design and implementation of default management procedures, margin replication, reporting and reconciliation automation, and trading and risk systems integration. These services and Formicary's DMP solutions provide Formicary's clients with a solid foundation and the ability to grow in line with new service offerings from LCH.Clearnet and changing industry regulation.

"Getting the technology implementation right is vital in this ever-changing OTC trading environment", says Dee Dervish, director at Formicary. "Attaining formal CCP2 membership demonstrates both our experience and our commitment to offering SwapClear members first-class technology integration solutions, enabling them to concentrate on their business while minimising the technology burden of increasing regulation.

"As a CCP2 partner, we are well positioned to put our specific technical integration skills, clearing knowledge and experience at the service of LCH.Clearnet SwapClear members and end users, helping them to minimise the costs of LCH.Clearnet membership." 

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
ING Bank introduces voice-activated mobile...
8481 views comments | 26 tweets | 29 linkedin
Will Uber be the Uber of banking?
6842 views comments | 39 tweets | 30 linkedin
Payments and capital markets sectors domin...
5910 views comments | 16 tweets | 17 linkedin
Singapore hires Citi veteran to lead new f...
5583 views comments | 13 tweets | 5 linkedin
Stripe lands new funding; signs deal with...
5448 views comments | 16 tweets | 18 linkedin

Featured job

Circa £100K Basic OTE £200K+ NO CEILING
London based with substantial travel in the Benelux Region

Find your next job