Mighter Gissing has developed the ConteX Trade Capture Gateway by adding Trade Capture Feed Handlers and related functionality to its well-established multi-vendor contribution system - ConteX. The system enables STP by removing the need for those trading electronically on executable prices to manually input the details of trade confirmations into the bank's risk management/accounting system.
A trader using ConteX Trade Capture will still receive the customary notification from the exchange or ECN that an executed trade has been accepted. But rather than typing the details manually into the back office system, ConteX Trade Capture will take the electronic trade confirmation, convert it into the correct protocol and deliver it electronically and automatically to the bank's systems.
By delivering STP for trade capture, the ConteX Trade Capture Gateway frees the trader from time spent manually entering confirmations and significantly reduces the possibility of human error, which often results in trading positions being out. The electronic routing of trade confirmations is also much faster. This helps banks to comply with requirements for accounting systems to be kept up to date throughout the day. And as position-keeping remains current, risk management will be based on the latest information.
Mighter Gissing's Managing Director, Richard Gissing, comments:
"Trade capture is the last piece of the STP puzzle. Electronic trading is standard in the industry but the manual input of confirmations has continued to cause problems. The launch of the ConteX Trade Capture Gateway brings automation and efficiency to the final link in the trading chain."
"Current ConteX users contributing executable prices can now benefit from a complete end-to-end solution which delivers STP throughout the trading cycle. For non-ConteX users the addition of the new handlers to create the ConteX Trade Capture Gateway creates a cost-effective and robust solution for institutions looking to improve automation in trade confirmation delivery."
The ConteX Trade Capture Gateway can currently capture and route trades executed on the Bloomberg Trading System, EuroMTS and EuroMTS Repos, and BrokerTec Repos. ConteX Trade Capture is already in use by three major financial institutions across Europe.