targit launches EMIR-compliant clearing solution for interest rate derivatives as interface for the Avaloq banking system

Zurich and Munich - 21 March 2013

targit, a specialized provider of technologies and solutions for the financial sector has announced a new interface that will connect MarkitWire to the Avaloq banking system. The new solution will allow banks to automate their clearing processes for interest rate derivatives and ensure full compliance with the new EMIR requirements.

With the enactment of the European Market Infrastructure Regulation (EMIR), banks have to rely on automated solutions to fulfill regulatory requirements for the processing of OTC deriva-tives.

Version 1.1 of targit's tAMA adapter deploys core functionality which will allow buy-side cus-tomers using the Avaloq Banking System to automate a portion of the EMIR clearing process for interest rate derivatives and seamlessly integrate MarkitWire into their IT environments. In addition to a standard workflow for EMIR clearing, tAMA also provides a standard field mapping for interest rate swaps. Furthermore, tAMA is fully compatible with existing EMIR extensions in the Avaloq banking system core.

Avaloq has certified tAMA for versions 3.4 and 3.5 of the Avaloq Banking System. tAMA's flexi-ble architecture allows for extensions that go beyond the adapter's out-of-the box capabilities, facilitating fast project turnarounds for custom Avaloq Banking System setups.

Thanks to the profound functional expertise and systems knowledge of its highly qualified staff, targit is able to provide sound guidance for modifying tAMA and integrating the interface into existing customer environments. The sustainability of this solution is ensured by ongoing de-velopment of the tAMA adapter including additional instruments and processes, tightly syn-chronized with Avaloq's certification cycle.

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