FailStation is an industry utility that aggregates failed trade data from all counterparties via a secure web-based portal in real-time. It allows the user to easily identify and compare both sides of the trades allowing for a more efficient and cost effective way to manage the entire fails process and provide an instantaneous view of a manager's risk position. FailStation also allows fixed income counterparties to entirely support the new Treasury Market Practices Groupâs (TMPG) recommended market practices for failing US Treasuries.
Graham Bright, Managing Director, Financial Tradeware, comments: âTodayâs investment managers invest considerable time and money in identifying and manually rectifying failed trades due to incomplete data. These errors prevent the confirmation, settlement and reconciliation of securities trades, costing significant amounts of money and time. By complementing the FailStation application with SWIFT connectivity, financial institutions can now use their existing infrastructure and connect to the FailStation product without additional investment.â
Steven Greenfield, President and CEO, Middle Office Solutions LLC, comments: âFinancial Tradewareâs connectivity to SWIFT has enabled us to provide a global and scalable solution for the fast detection and resolution of failed trades. Ultimately, with improved Straight-Through Processing (STP) and reduced costs, the end user can benefit from reduced transaction fees.â