City Networks is augmenting its back office broker confirmation service with the launch of a new real-time post execution service for trader notifications in the front office.
The UK-based vendor has created a Trader Notification Service (TNS) Consortium representing the bank, broker and IT communities, to push the concept. Early members include Prebon, Carl Kleim, Eurobrokers, HVB, NordLB, ING Brussels, Tradition and NTT/Verio.
The CityNet Trader Notifications product is positioned as a single pipe connecting banks and brokers for STP messaging in the front office - much like the vendor's back office trade confirmation service. As the trade details are agreed the service automatically sends the appropriately formatted messages to update participants' dealing systems.
Banks using the messaging service will be able to accept or deny the deal details provided by voice brokers, automate deal entry and initiate back office processing. Products supported include FX, money market, interest rate options, FRA, traded paper, repos, bonds and options.
Eric Pfennig, head trader at HVB, comments: "The Trader Notification Service will allow us to enjoy the same benefits we receive from an ELX (electronic execution) system, but at the same time maintain all the advantages of operating with a voice broker, such as using the voice broker's liquidity without losing any booking time. The service only requires one click on the confirmation screen and then we can continue with quoting and ensure that we don't miss the next move in the market."
Costa Christodoulou, CEO at City Networks, adds: "More than 400 banks and 40 brokers across the globe already have our technology installed. Adding the Trader Notification Service effectively enhances the existing back office by adding full STP to the front office. Hence banks can complete their STP circle by having a single trader notification and back office confirmation service that represents all voice brokers."