Interdealer broker Tullett has purchased the Market Settlement Automatic Netting module from Misys Securities Trading Systems for dealing with trades passed through central counterparties.
The automatic netting module allocates trades dealt with central counterparties to batches as they enter Misys' Market Settlement system, removing the need to do this manually and allowing users to enquire on these batches and adjust the contents before confirming the nettings.
Users can also specify the criteria of trades that are to be batched together and an enquiry form allows batches and contents to be viewed and amended during the day.
Tullett is also upgrading its current implementation of Misys' Market Settlement System to the latest version on Oracle 9i. The upgrade provides users with browser-based access to the system and features performance improvements to the database, 24/7 operations, real application clusters and a data guard product to protect against data loss.
The system will be rolled out to 60 staff and is expected to go live during the summer.