Broadridge releases Fill Matching tool for NYFIX
17 October 2023 US
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Broadridge has launched NYFIX Fill Matching, a real-time reconciliation product for asset managers working with high-volume or high-touch orders.
The platform, designed to complement the firm’s post-trade NYFIX Matching solution, provides real-time fill matches between brokers and asset managers. This reconciliation speed ensures that the two parties remain in sync, and reduces the quantity of end-of-day mismatches.
Through the solution, execution reports, or ‘drop copies’, are sent from brokers’ front office platforms and are matched against the fills received from asset managers’ systems. As such, asset managers are able to allocate their trades and begin the post-trade matching process with the knowledge that all fills sent by the brokers have been processed.
Matching criteria can be customised by asset managers to meet their individual requirements.
George Rosenberger, head of NYFIX at Broadridge Trading and Connectivity Solutions, says: “As the T+1 time compression makes end-of-day processing challenging, Broadridge’s new Fill Matching solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day.”
The platform, designed to complement the firm’s post-trade NYFIX Matching solution, provides real-time fill matches between brokers and asset managers. This reconciliation speed ensures that the two parties remain in sync, and reduces the quantity of end-of-day mismatches.
Through the solution, execution reports, or ‘drop copies’, are sent from brokers’ front office platforms and are matched against the fills received from asset managers’ systems. As such, asset managers are able to allocate their trades and begin the post-trade matching process with the knowledge that all fills sent by the brokers have been processed.
Matching criteria can be customised by asset managers to meet their individual requirements.
George Rosenberger, head of NYFIX at Broadridge Trading and Connectivity Solutions, says: “As the T+1 time compression makes end-of-day processing challenging, Broadridge’s new Fill Matching solution will rapidly identify trade discrepancies, enabling clients to address and fix these issues before the close of the trading day.”
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