FMC clears network access to Swift

FMC clears network access to Swift

Financial Models Company is to provide a two-way communications link between the FMCNet post-trade securities utility and the international Swift messaging network

FMC's designation as an ETC Service Provider is an important development for the firm, which is competing with existing ETC service providers such as SunGard and Omgeo for securities messaging through-flow.

It means that existing FMCNet clients who are not members of Swift will be able to communicate via the link with global custodians, investment managers and brokers on the network. Similarly, Swift users will have the ability to access FMCNet's central matching and rules-based trade management solutions.

With nearly 300 clients worldwide, FMCNet provides centralised SSI maintenance, message translation services and interfaces into other networks including Swift. The latest release of the network also offers local matching or a central matching utility for real time messaging between counterparties.

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