20 July 2018
Visit www.gemalto.com

Swift links securities matching system to multiple CCPs

21 September 2010  |  11170 views  |  0 Swift links securities matching system to multiple CCPs

Financial messaging outfit Swift is set to link its securities matching system to a range of central clearing counterparties, including EuroCCP, Six x-clear and LCH.Clearnet, enabling brokers to direct their matched off-exchange trades to a variety of providers.

The initiative will see a direct connection between the matching system, called Accord for Securities, and the CCPs when the service goes live. Testing with the three is slated to begin in the first quarter but Swift says other CCPs are expected to join once the service is live.

Swift says the service will reduce the cost of settlement as well as offer users access to the risk mitigation features of clearing platforms. Using their existing Accord connection, a broker dealer will have the ability to specify which CCP they want to clear their matched trades.

Swift will use its network to send a MT 518 trade confirmation message to communicate these details to the CCP which will then accept or reject using the MT 509 trade status message. Meanwhile Accord would send status updates to inform the brokers on the progress of their trades.

Once testing is complete, Swift says that Q2 will see a pilot for brokers, with BofA Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, and UBS all signed up.

Alain Raes, chief executive, Emea, Swift, says: "This initiative will transform Accord for Securities into an industry infrastructure that enables centralised settlement flows and will significantly reduce costs and risks."

Marco Strimer, CEO, Six x-clear, adds: "Offering market participants a choice of CCPs is an excellent decision by Swift and one that will ultimately reduce counterparty risk, open up new opportunities and reduce costs."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Acquisitions are now part of Swift's 2015 'toolkit'

Acquisitions are now part of Swift's 2015 'toolkit'

17 August 2010  |  11073 views  |  0 comments
Swift to acquire SunGard's Ambit Messaging Hub

Swift to acquire SunGard's Ambit Messaging Hub

19 July 2010  |  13593 views  |  0 comments
MEPs nod through Swift data sharing deal

MEPs nod through Swift data sharing deal

08 July 2010  |  8978 views  |  1 comments
Swift re-instates Sibos 'party'

Swift re-instates Sibos 'party'

06 July 2010  |  8499 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit https://secure.vasco.comVisit info.nice.com

Top topics

Most viewed Most shared
Calmejane quits Lloyds Bank to join SocGenCalmejane quits Lloyds Bank to join SocGen
12215 views comments | 5 tweets | 7 linkedin
Metro Bank opens developer portalMetro Bank opens developer portal
10103 views comments | 5 tweets | 14 linkedin
Anything Visa can do...Mastercard takes time outAnything Visa can do...Mastercard takes ti...
9811 views comments | 6 tweets | 15 linkedin
Hong Kong plans September go-live for blockchain-based trade financeHong Kong plans September go-live for bloc...
9551 views comments | 9 tweets | 17 linkedin
Mastercard enlists Worldpay to push Vocalink's Pay by Bank appMastercard enlists Worldpay to push Vocali...
9370 views 19 comments | 14 tweets | 30 linkedin

Featured job

Competitive base, double ote, benefits
New York City, NY USA

Find your next job