Through the enhanced relationship, FMCNet clients will have access to the SWIFT network to facilitate two-way communications for securities transaction messaging. Similarly, SWIFT customers will have the ability to communicate with investment managers, custodians and brokers via FMCNetâs central matching and rules-based trade management solutions.
"There are gaps that exist today in post-trade STP which FMCNet intends to address by bringing communities together to create more seamless global trade communications. We are pleased that FMCNet has been designated as an ETC service provider. FMCNet has created a network to network interface for several large buy-side institutions, who have been relying on FMCNet for SWIFT transmissions for over 6 yearsâ, says Jose Manso, Managing Director, FMCNet.
FMCNet offers the most comprehensive trade management solution in the industry, by virtue of its wide-ranging instrument coverage and inherent flexibility. SWIFT clients will have the ability to leverage these capabilities, using their existing message formats which are supported by FMCNet. A simplified interface to FMCNet also means SWIFT users can extend their automated processes through existing technology.
In terms of messaging destinations, the SWIFT-FMCNet connection will provide FMC clients and SWIFT users with an open and broader network. Extended network availability is especially significant for those who require access to global custodians, investment managers and brokers but are not in a position, either financially or technologically, to join SWIFT.
"We are delighted about FMCâs expanding relationship with SWIFT," said Teresa Nolan, SWIFT Regional Director, Securities, UK and Nordics. "SWIFT is focused on increasing STP message flow for its global members and is therefore excited to see FMCNet offer its central matching and rules-based trade management solution on the network."
SWIFT encourages the use of its network for a variety of securities message flows. Investment managers globally can easily interface with FMCNetâs services using standard or proprietary allocation messaging formats.
"SWIFT continues to advocate extending its automated messaging capabilities in the post-trade/pre-settlement arena to its securities clients globally; adding FMCNet as an ETC provider furthers this mandate," said Robert Davies, SWIFT Regional Director for North America.
With nearly 300 clients worldwide, FMCNet represents the future of post-trade STP. FMCNet creates a fully automated path, from execution of trade through to settlement, while retaining the flexibility and interoperability to integrate with internal systems across multiple instrument types. Utilizing secure, anytime and anywhere Web browser access, FMCNet provides centralized SSI maintenance, message translation services and interfaces into other networks including SWIFT. FMCNet also offers the option of a non-prescriptive local matching or a central matching utility for real time messaging between counterparties, ensuring a further reduction in trade failures and recurring costs.