Loeb Partners Corporation announced today that it has reached agreement on a Letter of Intent (LOI) with SWIFT for Loeb to become a member of the SWIFT community. The LOI represents the first step in the process of Loebâs application for SWIFT membership. Loeb Partners, a long established broker/dealer, will seek to expand the reach of SWIFT in the securities industry among smaller custodians, among broker/dealers and especially among the community of investment managers. Loeb will utilize an affiliated company, Evare LLC, an ASP, to promote and provide more effective communication between all counterparties and by offering unique Straight-through-Processing (STP) services.
Loeb proposes to manage these services through Evare over the SWIFT network. These STP services will include (1) Just-in-Time delivery of information critical to the trade life-cycle, (2) data aggregation, transformation and distribution to corporate treasury operations for investment decisions and (3) messaging between SWIFT members and their corporate clients and counterparties.
Loeb sees its membership as a further enhancement of SWIFTâs capability to support modern multi-functional financial institutions, while at the same time, expanding opportunities available to SWIFTâs members to service their clients and counterparties more effectively.