ULLINK, a global provider of electronic trading and connectivity solutions to the financial community, and INDATA, a leading provider software technology and services for buy-side firms including trade order management, compliance and portfolio accounting software and front-to-back office services, today announced the extension of their partnership to cover post-trade services for INDATA’s clients.
Many INDATA clients already leverage APPIA, ULLINK’s FIX engine, and ULLINK’s NYFIX Marketplace for broker connectivity to international markets. Under the new agreement, INDATA clients will have access to ULLINK’s NYFIX Matching post trade service, facilitating electronic information exchange around trade allocations, reconciliation, confirmations and affirmation. Through an extension of INDATA’s iPM OMS, firms will be able to automatically exchange and reconcile trade information and send allocation instructions to their brokers in near real-time, enabling firms to catch errors early and start processing trades intraday.
“We have worked very successfully with ULLINK over the years and now with Itiviti also, leveraging both technology and connectivity services for our mutual clients”, commented David J. Csiki, President of INDATA. “Enhancing further this partnership by offering new services to facilitate our clients’ post-trade operations makes a lot of sense, significantly reducing their TCO and providing them with fully integrated services.”
The post-trade environment is under growing business and regulatory pressure to improve efficiency and reduce risk. In the last few years, time to clearing and settlement has shrunk to T+2, with the industry looking towards a long term goal of T+0 to minimise settlement risk and reduce the need to hold collateral. Although legacy trading infrastructure has scaled to meet a huge increase in transaction volumes, it cannot address the lag between trading and clearing and settlement. The new arrangement between ULLINK and INDATA enables buy-side firms to leverage the NYFIX Marketplace network and FIX protocol to bring near real-time automation to post-trade processing and mitigate end-of-day risk.
“We are extremely encouraged to see increased adoption of our post-trade services by industry-leaders like INDATA, enabling our clients to leverage our world-class NYFIX infrastructure for all of their pre-clearing & settlement activities”, said Philippe Carré, Global Head of Business Development at ULLINK. “By giving clients clear, near real-time actionable information to process post-trade activities accurately, we are helping firms significantly reduce their risk exposure and make post-trade operations both more efficient and less time-consuming, inherently decreasing the cost of post-trade services.”
Contributed | what does this mean?