truePTS, the independent post-trade service provider for derivatives processing, has announced the launch of truePTS Counterparty Manager, a counterparty data management solution developed in partnership with LEI Smart.
“truePTS Counterparty Manager ensures consistent compliance for our users by integrating their service to streamline and aggregate connectivity usage and distribution of counterparty data,” said Zohar Hod, CEO of truePTS. “Regardless of how a client’s legal entity information enters the truePTS work flow, LEI Smart’s matching and validation process ensures the most accurate, reliable and up-to-date counterparty data information which is ultimately used in clearing and reporting the trade.”
Utilizing LEI Smart resources underscores the transition that the industry is currently going through and that the quality of counterparty data is now integral at trade entry so that trades are successfully processed and reported. “This partnership ensures that the counterparty data provided by clients is reported accurately and at the same time allows them to benefit from operational risk reduction and lower costs of processing,” said Ben Lis, founder of LEI Smart.
“The right way to deliver LEI Smart to the buy-side is as part of an integrated post-trade offering and truePTS provides that,” said Lis. “Our partnership will allow the buy-side to message their gold copy legal entity and counterparty information to trading partners and service providers. Firms will benefit not only from receiving this information in an automated fashion but also from receiving automatic alerts when it changes.”
Through their combined strengths of optimizing operational efficiency, both truePTS and LEI Smart embody the same business objective of developing the next generation of post-trade services.
The service is currently in preview release.