GlobeOp Financial Services (GlobeOp) is to offer Communicator Inc's Trade Date Tie-Out Service via it's electronic trading connectivity platform GoMarkets.
The move will enable GlobeOp clients to affirm OTC derivative trades within minutes of the time a trade is executed and then automatically feed certain material trade details to clients' trade capture systems. This service is available immediately to GlobeOp and Communicator clients.
"This new service further enhances GlobeOp's efforts to provide straight-through processing of OTC derivatives from trade entry through affirmation or confirmation and back," says Hans Hufschmid, GlobeOp's chairman and chief executive officer. "With Communicator, we have integrated our systems so clients are able to execute a seamless flow of OTC trade tie-outs immediately with important choice and flexibility to suit their individual needs.'
Commenting on the new initiative, Leo Schlinkert, president and chief executive officer of Communicator, says: "We are excited to have GlobeOp use our Trade Date Tie-Out service to power its GoMarkets platform. GlobeOp's clients can use this service for a broad range of OTC derivatives, with a choice between affirming or matching a trade. This flexibility has been unavailable in the marketplace from a single solution provider.'
The advantages of the combined GlobeOp/Communicator end-to-end solution include:
• Coverage of all OTC derivatives products (credit, rates, equities, FX and commodities) and choice and flexibility of single trade entry affirmation or dual trade entry system
• A live system that is up and running today, offering links to more than 150 buy-side firms and more than 20 dealers
• On-line exception management tools to handle trade disputes and streamline long form confirmation documentation. Customers have a choice of either single-entry affirmation of trades from dealers or independent dual-entry and matching of trades. All DTCC-eligible trades, including single name credit default swaps and credit default indices, are legally confirmed by DTCC using Communicator's real-time link to DTCC's Deriv/SERV matching and confirmation and payment services.
Background notes: Communicator Inc is a financial technology firm that provides investment managers and broker-dealers a suite of services for identity management, communications, compliance and operations. Our services include Compliance Hub, which provides OTC derivatives post trade processing, tools to acknowledge key trade details on trade date, a system that allows firms to comply with the 2005 ISDA(r) Novation Protocol, counterparty documentation and regulatory certifications services to over 1,600 financial firms; Hub Connex, which provides over 800 buy-side firms and leading broker-dealers a secure cross-company communication platform; and identity services that are used to manage over 400,000 user identities and profiles across the industry.
GlobeOp Financial Services specializes in middle- and back-office support services and fund administration for hedge funds, funds of hedge funds, asset managers and high net worth family wealth managers. GFS provides independent services essential to the successful operation of private investment entities with activities ranging across a wide spectrum of traded instruments. The firm's GlobeOp Risk subsidiary provides independent risk reporting and quantification to investors, creditors and managers. Company expertise is drawn from the senior levels of international banking and fund management and encompasses a wide range of relevant experience.
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