Tullett Liberty launches automated trade notifications
20 May 2003 | 2791 views | 0
Interdealer broker Tullett Liberty has launched a new automated trade notification system, Post:marker.
Tullett says Post:Marker was created in response to client demand and is currently in beta testing with a group of liquidity providers in both London and New York.
The system transmits trade details to clients' systems automatically. After executing a deal, users receive electronic notifications which can be accepted or rejected. Following affirmation, trade details are transmitted to counterparties' middle and back office systems, allowing positions to be updated immediately. The system uses XML documents, based upon the FpML standard, to represent deal details.
Tullett says Post:marker facilitates straight-through processing (STP) by eliminating manual keying, and reduces expections by automating trade affirmation.
Geoff Chapman, chief information officer, Tullett Liberty, says: "Providing a comprehensive STP capability allows us to offer our clients the complete service - best execution coupled with efficient settlement and support."
The product is part of Tullett Liberty's Market:maker product suite and will be available to Tullet counterparties from June 2003.