Thunderhead, the leading provider of enterprise communications software for Investment Banking, today announced the availability of a new version of its XML Adapter for Deriv/SERV which includes support for The Depository Trust & Clearing Corporation's (DTCC) Deriv/SERV Trade Information Warehouse.
This new version is being made available to Thunderhead customers through a revolutionary service offering designed to ensure continuing compliance with all current and future DTCC Deriv/SERV messaging standards.
DTCC Deriv/SERV is the industry's defacto automated trade matching and confirmation service for the global, over-the-counter (OTC) derivatives market. DTCC's recently launched warehouse is a comprehensive trade database that automates and standardises post-trade processing.
Thunderhead's XML Adapter for Deriv/SERV was specifically developed to allow Thunderhead customers to more rapidly comply with DTCC standards for automated trade matching and confirmation for OTC derivatives trades, including credit, equity, and interest rate derivatives. With its most recent release, Thunderhead is the first off-the-shelf solution in the industry to announce full support for DTCC's current messaging standard for the Deriv/SERV Trade Information Warehouse.
Thunderhead's XML Adapter for Deriv/SERV service offering ensures that future versions will be synchronised with DTCC release scheduling. As a result, Thunderhead service subscribers will be able to rapidly implement new DTCC Deriv/SERV messaging standards to support established DTCC timeframes for new standard testing and implementation.
"As the industry leader in streamlining paper-based processes for OTC derivatives, it was a natural evolution for Thunderhead to align closely with DTCC and its efforts to standardise and automate the derivative trade confirmation process," said Glen Manchester, CEO of Thunderhead. "We have consistently been first-to-market with support for the Deriv/SERV messaging standards as they have changed and evolved. And, we are now very pleased to offer a new service that will formalise our commitment to continually support compliant communications with Deriv/SERV."
"Our goal for the Trade Information Warehouse is to create a centralised, global platform that will help our custtomers worldwide reduce the risk and cost associated with the post-trade processing of OTC derivatives," stated Peter Axilrod, Managing Director, DTCC Business Development. "We value the work that Thunderhead has been doing to keep current on DTCC Deriv/SERV and Warehouse message standards across OTC derivatives products."