Kynetix, a leading provider of data matching, reconciliation and exception management solutions for firms dealing in exchange-traded and OTC derivatives, today announced the launch of their new trade exceptions software for members clearing through LME Clear.
The software will enable Category 1, 2 and 3 firms of the London Metal Exchange to easily reconcile their trades cleared through London's newest clearing house.
LME Clear takes over from LCH Clearnet in September this year, providing LME members with a robust and EMIR compliant clearing house focusing on real-time liability, collateral and position monitoring, powered by cutting edge technology.
Matt Dolton, Sales Director at Kynetix comments, "LME Clear is launching at a time when there are many pressures on businesses, not least those to comply with new EMIR regulations. Our new software means there's one less thing for members to worry about by removing the effort needed to change internal systems to cope with the advanced new file formats."
The new LME Clear recs software is available as a managed service or an On Premise solution and is based on technology already being very successfully used by a leading Category 1 clearing member to manage their reconciliations globally.
Dolton continues: "We are very much aware that member firms have a range of reconciliation and data matching solutions in place. At one end of the spectrum these may simply consist of spreadsheets and manual legwork.
With risk reduction being centre stage for all firms - large and small - it makes sense to automate processes and eliminate human error wherever possible."
The Kynetix LME Clear software is available from August for parallel testing prior to the 'go-live' date and will mean that members can be ready to reconcile trades from day one of trading.