First users test Swift's OTC derivative application

Barclays Global Investors and Brown Brothers Harriman have become the first asset manager and custodian to exchange FpML-based contract notifications over SwiftNet. Belgium-based financial messaging firm Swift launched SwiftNet FpML earlier this year to automate OTC derivative post-trade processing. Firms using the protocol can manage their volumes of OTC derivatives more efficiently. State Street has also tested FpML in its communication with the Bank of New York, Mellon Bank and Northern Trust