Swift, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that CLSA has become the first Asian broker to go live on Swift's Global Electronic Trade Confirmation ("GETC") solution for the automation of allocation and confirmation processes.
SWIFT's GETC messages (MT509, MT513, MT514, MT515 and MT517) provide operational control through trade confirmation messages generation. This allows clients to efficiently manage and control their post-trade, pre-settlement workflow. The GETC solution is backed by the widely accepted ISO 15022 standard, which follows a collaborative effort between SWIFT and a group of investment managers and broker/dealers to create and agree an enhanced ISO best practice implementation governing the use of the securities GETC messages over SWIFT.
CLSA is one of Asia's leading independent brokerage and investment groups. By using SWIFT's GETC solution, CLSA can now cost-effectively achieve higher levels of operational efficiency in post-trade processes across asset classes, while preserving their existing investment in straight through processing (STP) and matching solutions. They can also benefit from SWIFT's global reach, unrivalled security and resiliency, and proven capabilities in supporting mission critical applications.
Tom Garside, CLSA's Head of Operations - Asia, says: "CLSA's ability to offer SWIFT's GETC solution allows us to support our diverse and wide-ranging client base as they continue to strive for improved workflow capabilities and cost efficiencies. Not only does GETC enable CLSA to meet our clients' needs, it also allows us to implement greater STP whilst driving down our cost base."
Claus Kwon, Head of Securities, Asia Pacific, SWIFT, says: "Our GETC initiative is gaining momentum globally as both the buy and sell side look to reduce costs, mitigate risk and meet new regulatory requirements."
"CLSA is focussing on growing their securities business without incurring additional operational costs typically associated with increases in trade volumes. That's why they came to SWIFT to streamline their post-trade processes, because our highly resilient network reduces the operational risk while enhancing overall STP rates," adddds Claus.
Investment managers and broker/dealers are seeing the benefits of using SWIFT as a provider of post-trade messaging services. SWIFT reported a threefold increase in the number of brokers using its GETC solution in 2013.