Financial Technologies International has launched StreetDirector, a rules-based transaction management system for nursing cash, securities or foreign exchange transactions from execution through to settlement and custody.
The package, which incorporates order routing, risk management and settlement functionality on a single platform, is already live at two client sites, says the vendor. It was originally developed as a transaction management tool for users of FTI's StreetBooks system.
The software allows for the exchange of trade information both with internal systems and external parties such as custodians and depositories and offers support for trade matching, error evaluation, repair, correction, cash/stock sufficiency checks and transaction monitoring. Transaction events supported include notification, confirmation, affirmation and settlement.
Michael Meriton, president and CEO, FTI, says: "Customers are equipped with a complete, end-to-end solution for managing and controlling the lifecycle of a transaction."
He says users may establish rules and parameters that conform to their internal business practices, based on transaction type, issue type, location, and counterparty. These parameters include:
- Establishing standing settlement instructions;
- Selecting the mode of payment for a transaction given defined step and status dependencies;
- Defining funds availability agreements;
- Processing settlement of cash and securities through the same or differing custodians;
- Defining settlement amount tolerances.