Thunderhead has teamed up with The Depository Trust & Clearing Corporation to provide a trade confirmation/matching solution for the OTC derivatives market.
The off-the-shelf solution dramatically simplifies the process of generating trade confirmations and automating trade matching through DTCC Deriv/SERV. The system automates the confirmation and matching of OTC derivatives trades, including credit derivatives, equity derivatives, and interest rates swaps and swaptions. Deriv/SERV's customer base is the largest of any post-trade provider in the OTC derivatives marketplace and includes all major global dealers.
'We commend Thunderhead's effort to deliver off-the-shelf technology to help financial firms more simply bridge their internal systems with Deriv/SERV, and more quickly automate processing for OTC derivatives - credits, interest rates, equities and more,' says Peter Axilrod, managing director, DTCC Business Development.
Thunderhead's XML Adapter for DTCC Deriv/SERV is a wizard-driven tool, which leads business users easily through the process of generating compatible XML messages.
'This innovative solution answers the growing need in the market for investment banks, hedge funds and other trading organisations to automate and streamline OTC derivatives trade confirmation and matching without investing in costly, customised systems development,' says Glen Manchester, CEO, Thunderhead. 'We've been working closely with DTCC to develop our XML adapter. Thunderhead is fully committed to keeping in synch with all the latest versions and templates for DTCC Deriv/SERV trade matching as enhancements are made going forward.'
Thunderhead's XML Adapter for Deriv/SERV Trade Matching is also being extended to include all OTC derivatives templates used by DTCC Deriv/SERV.
'This effort will help OTC derivatives market participants move away from paper-based trade processing more effortlessly, and achieve the benefits of greater accuracy, lower costs and reduced risk through automation - across asset classes,' adds Axilrod.
Background notes: Thunderhead is the leader in the Document Generation industry, and is focused on the development of next-generation solutions that automate the creation and assembly of multi-channel business documents. Thunderhead's leadership position is built on two key propositions: Business User Control and a commitment to Open Standards, and is supported by a number of patented innovations. The Thunderhead platform automates the production of personalized or transaction-specific business documents that may be delivered by any number of different media channels (e.g. printed documents, fax, email, SMS, XML). Thunderhead numbers some of the world's leading financial services organisations as customers, and services its fast expanding customer base from offices in Europe, North America and Asia Pacific.
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities and over-the-counter derivatives. DTCC's depository also provides custody and asset servicing for more than two million securities issues from the United States and 100 other countries and territories. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. DTCC has operating facilities in multiple locations in the United States and overseas. DTCC's derivatives services are offered through DTCC Deriv/SERV LLC, a wholly owned subsidiary of DTCC.
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