ACS is the consortium of London brokers that set up the original AutoConfs electronic confirmation service, which is now in use by most major brokers and banks around the world. The new eAutoConfs service is now live, with around 40 users of the Confirmation service, and will shortly commence the pilot Notification service.
The pilot Notification service will start between Prebon Marshall Yamane and a major bank; other brokers will join the pilot at a later stage. Prebon Marshall Yamane has worked particularly closely with City Networks in implementing and promoting the Notifications service on behalf of ACS.
Functionally, the Notification service can be used in three incremental ways: visually - for fast, visual deal confirmation, enabling extraction of information or as a deal check; as an electronic acceptance of the trade, triggering the receipt of an electronic version of the deal details; and thirdly by extending automation further, updating the banks own systems, such as trade capture or position keeping.
Alan Johnson, Business Development Director at Prebon Marshall Yamane says "This Notification Service will allow banks to reduce their settlement differences by enabling all deals, even complex derivatives trades, to be checked easily at the point of inception."
Richard Hill, President at City Networks comments "There are 50 ACS brokers worldwide capable of supplying the eAutoConfs Service. It will enable brokers to provide a greatly improved service to their banking customers, significantly enhancing the facilities offered. The new development will allow the immediate delivery of notifications, directly to the trader. All instrument types can be processed, and are received in a standard format by the banks from all brokers."