A2X Markets, a South African stock exchange, has teamed up with MCI Consultants to introduce a post-trade system called Member Client Record and Allocation System (MeCRAS).
The new system will allow A2X brokers to undertake agency trades on behalf of their clients and easily manage the deal allocation and settlement process.
The system facilitates integration between the brokers’ downstream systems allowing for seamless end-to-end processing.
The MeCRAS system is now live and is being rolled out to some brokers.
According to A2X, since the introduction of competition almost three years ago, one of the major challenges that brokers have faced is that their infrastructure was geared for a single exchange environment.
Brett Kotze, head of post trade at A2X, said: “The post-trade environment has been a significant challenge for brokers wanting to trade across markets and get a better deal for their clients. We are pleased to be partnering with leading technology company, MCI to help lower the barriers to entry and help our brokers achieve best execution and clear their trades in a seamless, automated, manner.”
