Fund-Technology.com

Financial Tradeware selected by Middle Office Solutions to provide SWIFT connectivity

Posted: 17 March 2009

Financial Tradeware, a technology provider of portfolio and fund management solutions, has been selected by workflow solutions provider, Middle Office Solutions, to provide SWIFT connectivity for its FailStation product. This connectivity will allow custodian banks to automatically send failed trade data to FailStation to streamline exception handling for its clients.

FailStation is an industry utility that aggregates failed trade data from all counterparties via a secure web-based portal in real-time. It allows the user to easily identify and compare both sides of the trades potentially allowing for a more efficient and cost effective way to manage the entire fails process and provide an instantaneous view of a manager's risk position. FailStation also allows fixed income counterparties to support the new Treasury Market Practices Group's recommended market practices for failing US Treasuries.

Steven Greenfield, President and CEO, Middle Office Solutions, comments: "Financial Tradeware's connectivity to SWIFT has enabled us to provide a global and scalable solution for the fast detection and resolution of failed trades. Ultimately, with improved Straight-Through Processing (STP) and reduced costs, the end user can benefit from reduced transaction fees."

 

 

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