Thunderhead to automate FpML processing for OTC trades across SwiftNet

Thunderhead to automate FpML processing for OTC trades across SwiftNet

UK-based Thunderhead has signed a partnership agreement with financial industry network Swift aimed at simplifying OTC derivative post-trade processing across the SwiftNet platform via the use of industry standard FpML messaging.

Thunderhead says its ability to generate FpML (Financial products Markup Language) output - combined with its support for DTCC's Deriv/Serv's OTC derivatives matching service and trade information warehouse - enables Swift members to dramatically simplify the process of generating electronic trade confirmations and achieve automated trade matching.

The vendor's XML adapter for Deriv/SERV provides an interface that allows users to quickly define and generate accurate FpML messages for delivery across the Swift network.

"The combination of Swift's broad reach of network and services infrastructure, combined with Thunderhead's extensive support for creating and delivering FpML, speeds the deployment and implementation of FpML to both the buy-side and sell-side participants to improve operational efficiencies and reduce operating costs," says Glen Manchester, CEO of Thunderhead.

"The need to streamline the trade confirmation process and reduce operational risk across a vast spectrum of asset classes is increasing dramatically," adds Fabian Vandenreydt, head of broker dealer and pre-settlement services for Swift. "Thunderhead's experience in helping financial services firms manage STP in derivatives trading makes them a welcome addition to Swift's partner community."

Last year US investment bank Morgan Stanley implemented Thunderhead's document generation technology to help automate the creation of OTC derivative trade confirmations.

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