Technology vendor Fidessa has debuted its new Affirmation Management Service (AMS), designed to automate affirmation processes between the buy and sell sides.
FidessaAMS directly links buy-side firms directly to sell-side brokers, utilizing FIX in the process to obviate many of the manual processes currently used in post-trade processing. The move is in line with reduced settlement times becoming mandatory in Europe during October, which will see trades settled on a T+2 ─ or two days after execution ─ basis. Currently, the European landscape is fragmented in terms of settlement times, which can stretch from T+2 to over T+20 in some instances.
"The move to T+2 settlement in Europe in October this year will herald the start of yet more scrutiny by all sizes of buy-side firms of their post-trade operations, as they strive to adhere to this and cope with the other evolving regulations that are expected," says David Pearson, strategic business architect at Fidessa and co-chair of the FIX Trading Community post-trade working group. "It is exactly these demands that AMS is addressing, providing the operational tools that will radically improve the post-trade process."
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