Boston-based money manager MFS is preparing to go live with an ISO15022-compliant electronic trade delivery system using technology supplied by HelioGraph.
The fund manager has implemented HelioGraph's application integration solution, Helio Message Broker and its STP platform, Helio TradeFlow for the new platform which is slated to go live on 10 December.
As part of its STP project, MFS will use TradeFlow for FX confirmations and failed trade tracking. TradeFlow will compare messages from its order management system with messages from brokers and custodians.
MFS had already chosen to implement HelioGraph's eVent solution to automate its corporate actions processes. This will now be integrated with the new software.
"A year ago we were looking to set up an STP system. We were very paper-intensive and we wanted to reduce our risk and exposure, while cutting costs and increasing our ability to monitor and benchmark our performance," says Martin Pearce, head of investment operations at MFS. "We had to look for a solution which would offer hands-off STP, and which would sit well on the XML and MQSeries based technology platform we wanted to implement."
He says HelioGraph's data field dictionary architecture will enable MFS to take advantage of central matching utilities when they eventually come to fruition, and other market infrastructures adopting ISO15022.
"With HelioGraph, we can continue to develop our own initiatives but we will keep a foot in the door of GSTPA and Omgeo," adds Pearce.