For the first time in a number of years, there is a functioning alternative to communications that support securities trade matching and confirmation processes and the retention of advantages associated with automated local matching. SWIFT’s Global Electronic Trade Confirmation (‘GETC’) messaging service initiative is gaining momentum; with a number of leading asset managers and brokers announcing their support for this different approach to the trade confirmation cycle, contending with the current Central Trade Management (‘CTM’) solution offered by Omgeo.
The number of brokers supporting the GETC message flows (the structured data used to communicate trade confirmation data) is also likely to increase in 2013, as asset management firms, under pressure from regulatory demands, look at ways to reduce costs and improve operational efficiencies. The GETC initiative is a collaborative effort between SWIFT, a group of asset management firms and brokers.
The messaging solution has been in production for over a year and covers block, allocations, confirmations, cancellations and affirmation processing for equities and fixed income securities, supporting the mandatory information flows required for automated local matching.