London-based City Networks is teaming with the Automated Confirmation Service (ACS) broker consortium to provide eAutoConfs, an Internet-based deal notification/confirmation service that is designed to bring STP to the dealer screen.
ACS is a consortium of London brokers that set up the original AutoConfs electronic confirmation service. City Networks says there are 50 ACS brokers worldwide capable of supplying the new eAutoConfs service, which will allow for the immediate delivery of notifications, directly to the trader. All instrument types can be processed and are received in a standard format by the banks from all brokers.
There are currently 40 users of the confirmation service and a pilot notification service is due to commence shortly between Prebon Marshall Yamane and a major bank. Other brokers will join the pilot at a later stage.
Prebon Marshall Yamane has worked with City Networks in implementing and promoting the notifications service on behalf of ACS. Alan Johnson, business development director, Prebon Marshall Yamane, says the service "will allow banks to reduce their settlement differences by enabling all deals, even complex derivatives trades, to be checked easily at the point of inception."
The vendor adds that the notification service can be used in three ways - visually for fast deal confirmation or as a deal check, secondly as an electronic acceptance of the trade, triggering the receipt of an electronic version of the deal details and thirdly by extending automation further, updating the banks' own systems, such as trade capture or position keeping.