Financial Tradeware has connected Bahamas-based hedge fund European Investments Management (EIM) and Swedish investment firm MFEX to Swift via the Member Administered Closed User Group (MA-CUG) scheme.
EIM is using Financial Tradeware's H-Fund trading platform for order-routing and settlement automation. In joining the vendor's recently established MA-CUG, the fund is now able to send and receive messages - automatically or manually - to and from the MA-CUG Service Administrator who has direct access to EIM's various correspondents using the SwiftNet network.
Stefania Bernardini, EIM head of operations, describes the MA-CUG as a "value added" component of the H-fund package "which gives us a cost effective access to the SwiftNet network for secure and guaranteed communication with our counterparties".
MFEX is also looking to use Financial Tradeware's MA-CUG to extend straight-through processing to its financial counterparties.
Edward Glyn, commercial manager - investment funds, Swift believes the MA-CUG scheme has much to ofer the alternative investment industry "bringing both automation and standardisation to the business whilst driving distribution, increasing efficiency and delivering value to the end-customer".