New York-headquartered buy-side consultancy NorthPoint Solutions has integrated ICE Link credit default swap (CDS) workflow and connectivity to its NorthPoint Order Management System, officials tell Buy-Side Technology.
"This integration is a win-win situation for our clients," explains Johan Glozman, a partner and vice president at NorthPoint. "From the first day of operation, users receive the benefits of auto-affirmation and straight-through processing (STP) to the Depository Trust & Clearing Corp. (DTCC). Once clearing has been enabled for the buy side, we just have to flip a switch and clients can start clearing through the same platform with which they are already familiar ─ without the cost and risk of having to build yet another integration point."
Via the new link, firms can send CDS trades for affirmation automatically as part of the trade-entry process, which will eliminate the need for rekeying the trade into a separate affirmation platform. Users will receive either a message denoting success or failure of each trade.
The OMS will also be able to process CDS trades for electronic settlement once it becomes available to the buy side. This automated integration with ICE Link allows same-day clearing of CDS trades in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to a vendor spokesperson.
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