SWIFT introduces securities matching solution

SWIFT, a member-owned cooperative that provides the communications platform, products and services to connect over 8,500 banking organisations, has unveiled a new global solution for central trade-date matching of equity and fixed income trades. The new solution helps to resolve and prevent trade failures, and enable brokers to reduce operational risks and costs and improve service levels. Based on SWIFT’s established FX, money market and OTC derivatives matching platform Accord, the solution was developed to meet the requirements of a group of major prime and executing brokers for central matching of securities trades originating from hedge funds. The brokers are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs and Bank of America Merrill Lynch. Accord for Securities, which matches trade and settlement information using the widely-adopted MT515 trade confirmation message, can be used not only for automated trade-date matching between prime and executing brokers for hedge fund trades, but also for matching between executing brokers (for over-the-counter securities trades) and between prime brokers (for transition management). Chris Church, Global Head of Securities at SWIFT, said: “Accord for Securities is helping our customers reduce operational risks and costs at a time when this is absolutely crucial, and we are proud to have fulfilled our commitment to deliver a securities matching solution fully adapted to the needs of our community in a very tight timeframe.”