Thursday, 11th May 2006
Trace Financial Limited (part of Trace Group plc) today announced the availability of support for the UK CREST settlement system message definitions within its market leading message transformation product, Transformer. The CREST DEX library is the latest set of message definitions to be released by Trace underlining its commitment and the Transformer product's capabilities in supporting financial messaging standards. Other libraries available for use with Transformer include those for SWIFT FIN and XML, FIX and FIXML, FpML and ICMA TRAX2.
With the move towards the Euroclear Business Model over the next few years, there is a need to begin planning the migration of existing systems such as CREST towards the requirements of the EBM and Transformer is ideally placed to assist in this transition. Trace Financial are committed to providing solutions for the financial market place to the challenges that this migration will bring using its recently announced Trace EBM Toolset of which Transformer is a key component.
Java and XML-based, Transformer is designed to cope with new and constantly developing message structures that are the day-to-day challenge to major financial institutions, representing significant ongoing risk and cost. Its unique approach allows Business Analysts (rather than IT people only) to control the system and business demands created by evolving messaging standards.
John Murphy, Managing Director of Trace Financial said “Transformer’s innovative approach is proven to be inherently flexible and able to cope with the most complex message structures. In addition, the co-existence of multiple messaging standards in the business environment is no longer an issue. Transformer is a significant addition to the products available to the financial sector.”
John Murphy added “The future Common Communication Interface (CCI) will be ISO 15022-compliant, but will be flexible in order to allow for use of new ISO 20022, XML-based messages as and when they are introduced by ISO. In line with SWIFT’s recommendation, Euroclear encourages clients to look at gradually building a similar level of flexibility”. Update Paper Common Communication Interface - Service Description Euroclear Business Model Implementation, 9 January 2006 Single Platform Implementation, UP/CCI/200601/1.0