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SWIFT users of Global Electronic Trade Confirmations on the rise

SWIFT has reported a threefold increase in the number of brokers using its global electronic trade confirmation (GETC) solution for the automation of allocation and confirmation processes. Since the beginning of 2013, there are now 16 brokers live on GETC.

SWIFT’s GETC solution is a reliable, easy-to-implement and cost-effective option for local matching of equity and fixed income trades. It uses the well-established, well-understood SWIFT ISO 15022 messages for ETC, enabling investment managers and broker/dealers to standardize this process globally.

Users of GETC can tap into the international reach and security and resilience of SWIFT. They are also incurring cost savings of up to 50% over alternative solutions on the market.

SWIFT’s GETC solution also supports compliance with forthcoming regulation - such as CSD-R – which is expected to seek mandatory electronic confirmation of all trades, and further enable readiness for T+2 settlement.

Gert Raeves, research director, CEB TowerGroup, adds: “The changing regulatory landscape is forcing financial institutions to rework internal operations and procedures. Post-trade processes are no exception as these market changes will impact the full trading cycle from pre-trade through to settlement and reconciliation. The more options available in the market, the better chance financial institutions have to source the right, cost-effective solution to meet their business requirements.”

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