Broadridge said that the new solution will enable sell-side institutional brokers to optimize their service provision to institutional fund managers through a fully automated confirmation and affirmation process for trade allocations.
It will also enable brokers to maximize STP rates and streamline their own post-trade processing and settlement operations, the company added.
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Broadridge added that the solution will support SWIFT GETC messages (MT515, MT509 and MT517) on a global basis, and will provide operational control through full transparency of the message generation, flows and statuses.
The solution will also extend 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.
Broadridge director of strategy and product management, Phil Dobson, said: "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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