The Bank of New York has introduced an electronic deal matching system to automate tri-party repo transactions.
The bank says its patent-pending application enables tri-party repo participants to match trades and monitor activity via its Web-based platform, AccessEdge.
The new system is designed to replace manual tri-party transaction confirmations traditionally performed by phone or fax.
Art Certosimo, EVP and head of broker dealer services, BoNY, says: "The pending patent is further evidence of our success in using technology to transform historic market practices and create a distinct competitive advantage."
The bank says its daily servicing of tri-party balances in the US recently surpassed $1 trillion.