Broadridge launches SWIFT global electronic trade confirmation
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Broadridge launches SWIFT global electronic trade confirmation 30 April 2013Lake Success Reporter: Georgina Lavers
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Broadridge Financial Solutions has launched a solution for SWIFT Global Electronic Trade Confirmation (GETC).
The solution enables sell-side institutional brokers to optimise their service provision to institutional fund managers through a fully automated confirmation and affirmation process for trade allocations, said a statement from Broadridge.
The Broadridge solution supports SWIFT GETC messages (MT515, MT509 and MT517) on a global basis, and provides operational control through full transparency of the message generation, flows and statuses.
Upon receipt of the successful affirmation message (MT517), a SWIFT MT54X settlement message is released, allowing clients to efficiently manage and control their post-trade activities.
The solution extends the range of confirmation-related market services already supported which includes Omgeo’s Central Trade Manager (CTM) and OASYS Global, and SWIFT’s Accord for Securities.
“We have worked closely with SWIFT to ensure support for the mutual client base interested in GETC,” said Phil Dobson, director of strategy and product management at Broadridge.
“We will continue to keep our solutions aligned to market advancements for a range of service providers. The proposed introduction of shortened settlement cycles in some markets in 2014 will put even greater emphasis on timely and efficient confirmation and allocation processes.”
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