Sky Road, a leading software-as-a-service solutions (SaaS) provider to the financial community, today announced a partnership with T-Zero, the leading credit derivative affirmation and connectivity provider.
Sky Road clients will now benefit from improved straight through processing of credit derivatives trades via T-Zero Auto Affirmation.
Sky Road clients can now seamlessly integrate with T-Zero's Auto Affirmation service, allowing firms to book trades through Sky Road's hosted offering and then affirm and confirm the trade with the DTCC through T-Zero. By automating affirmation, Sky Road clients can eliminate manual processes, thereby reducing operational risks while improving efficiency. The core technology infrastructure for the Sky Road platform is provided by the Calypso software solution, the key enabler for the platform's innovations.
According to Clive de Ruig, Head of North America for T-Zero, the automation of novations and affirmations will be a focus for credit derivatives market participants for 2008. "We believe our partnership with Sky Road comes at a key turning point for the credit derivatives industry," says Mr. de Ruig. "Recently, the Operations Management Group (OMG) outlined a number of major operational goals for 2008, submitting novation consent requests via an electronic platform and fully automating novations and trade allocations processing. Sky Road clients will now be automatically compliant with these operational goals, saving them both time and money." The OMG is comprised of buy- and sell-side institutions, the International Swaps and Derivatives Association, Inc., the Managed Funds Association, and the Asset Management Group of the Securities Industry and Financial Markets Association.
"As the credit derivatives market continues to evolve and mature, we continually strive to offer our clients a best-of-breed solution that is flexible, scaleable, and robust," says John Borse, CEO and Founder of Sky Road. "As part of this ongoing commitment, we are pleased to be partnering with T-Zero, an industry leader for credit derivatives affirmation and connectivity. This partnership will enable our clients to access advanced credit derivatives post-trade capabilities directly from our solutions."