Brady plc (AIM: BRY), the leading supplier of trading, risk management and settlement solutions to the metals and commodities sectors, has announced today that Standard Bank Plc are the first to use Brady's new interface to LME Smart (the London Metal Exchange System for Matching and Registering Trades).
Using the Brady interface LME member firms are now able to connect directly to the LME's matching system, which will forward trades to the London Clearing House (LCH) for clearing. Standard Bank went live with Trinity v600 a year ago for one of its core businesses, Base Metals, having used different components of Brady technology for a number of years for the risk management of its Precious and Base Metal businesses.
Standard Bank was quick to see the benefits of the SMART interface and was determined to be one of the first LME member firms to have a production-ready system in place to take advantage of the new levels of automation. Standard Bank and Brady's development and installation teams worked very closely together to produce a solution that meets all the LME's requirements.
Brady's CEO, Gavin Lavelle, commented: "The increased automation of the commodities market is leading to greater speed of execution, lower cost of trading and increased compliance and audit functions. Standard Bank has an impressive 147-year history and for much of that time it has been very closely involved in the production and trading of metals. We have been working with the bank for a number of years, and it is a privilege to have Standard Bank as a client."