There will be a switchover period between November 2008 and March 2009 when both SMART and LCH MCS systems will be available, but by March members will have to interface to the SMART system. Bradyâs interface will be available before the launch of LME SMART and member firms will be able to switch to LME SMART at any time before the cut-off date. Brady will provide full training and support to its clients for the implementation.
Gavin Lavelle, CEO of Brady, comments: âWe have been collaborating with the LME on the development of our interface and look forward to the launch of SMART. We know that many of our clients are expecting benefits from the new matching system and it is our job to make their migration as easy as possible. The interface will be released by the end of 2008 so that our clients can switch over at their convenience, and have sufficient time to ensure the interface is working perfectly with their systems.â
Brady clients include LME category 1 and 2 clearing members making the SMART interface development a high priority for Brady. During the initial planning stages it was recognised that clients will need the flexibility of a carefully managed migration from their current technology to SMART. Brady will therefore provide LME member firms with the option of matching their trades either via the current LME MCS (Matching and Clearing System) or the new LME SMART, before the final cutover to SMART. Brady, which already provides a high degree of straight-through processing (STP), will provide even greater levels of automation to clients with this development.