16 August 2004 – London – Scrittura, the leading provider of documentation automation technologies, has today announced the launch of new messaging software which extends the reach of automation in OTC derivatives trading.
Scrittura Messaging provides the missing link in the Straight Through Processing (STP) chain for OTC derivatives. Until now, STP in OTC derivatives has been restricted to trade matching but the recent increase in OTC derivative activity has created demand for greater efficiency in the back office.
Scrittura Messaging automates the stage of the trade life-cycle after the product structure is agreed between counterparties, Scrittura Messaging generates an automated message which delivers details of the agreement to a trade matching engine such as DTCC or EDX.
Scrittura Messaging reduces manual data transmissions, rekeying error and operational risk, while enabling clients to become more volume insensitive and handle increasing trading volumes in the OTC derivative market. The software has already been adopted by one major European bank to facilitate back office processes in the credit default swaps market.
John H. Lewis, Chief Executive Officer, Scrittura comments: "Scrittura Messaging steps into the STP breach in OTC derivatives and greatly enhances the level of automation in the trade process. By tackling the risks and time associated with manual processing and reducing the number of documents being sent between counterparties, Scrittura’s new software improves the efficiency of the back-office process at a crucial time for this rapidly growing market."
Scrittura Messaging is neutral to trade matching providers; its framework can generate messages compatible with all matching services.