19 February 2018
visit www.nextgenbanking.co.uk/

Formicary gets SwapClear CCP2 certification

29 January 2014  |  1146 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)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comvisit www.swift.com/your-needs/instant-paymentsvisit www.ebaday.com

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11489 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9057 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
8916 views 10 comments | 22 tweets | 26 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8809 views comments | 15 tweets | 43 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7440 views comments | 12 tweets | 10 linkedin

Featured job

Competitive
Hong Kong, Asia-Pacific

Find your next job