FNX uses Swift MT500s for fixed income clearing connectivity
07 November 2003 | 1996 views | 0
Trading technology vendor FNX has upgraded the Sierra Fixed Income System to use Swift messaging as a conduit for connection to clearing and settlement systems worldwide.
The upgrade, conducted as part of the license agreement with a global client, entails an enhancement to the Sierra Swift module to support sending and receiving MT500 series messages and to update the database accordingly. The system includes monitoring and reporting tools to allow users to manage the message exchange.
Jill Hocking, FNX’s back office product manager says the new functionality was designed to work irrespective of the settlement source. "Incoming messages are managed in the system based on the type of message, but not the source," she says. "In addition to that, the processing of the messages can be configured based on the banks' internal processing workflow."