CLSA has become the first Asian broker to go live on SWIFT’s global electronic trade confirmation (GETC) solution for the automation of allocation and confirmation processes.
SWIFT's GETC messages: MT509, MT513, MT514, MT515 and MT517, provide operational control through trade confirmation messages generation.
The GETC solution is backed by the ISO 15022 standard, which follows a collaborative effort between SWIFT and a group of investment managers and broker/dealers to create and agree an enhanced ISO best practice implementation governing the use of the securities GETC messages over SWIFT.
Tom Garside, CLSA's head of operations in Asia, said: “CLSA's ability to offer SWIFT's GETC solution allows us to support our diverse and wide-ranging client base as they continue to strive for improved workflow capabilities and cost efficiencies. Not only does GETC enable CLSA to meet our clients' needs, it also allows us to implement greater STP whilst driving down our cost base.”
Claus Kwon, head of securities, Asia Pacific at SWIFT, said: “Our GETC initiative is gaining momentum globally as both the buy and sell side look to reduce costs, mitigate risk and meet new regulatory requirements.”
“CLSA is focussing on growing their securities business without incurring additional operational costs typically associated with increases in trade volumes. That’s why they came to SWIFT to streamline their post-trade processes, because our highly resilient network reduces the operational risk while enhancing overall STP rates,” adds Claus.
SWIFT added that it had reported a threefold increase in the number of brokers using its GETC solution in 2013.
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