The designated contract maker (DCM) says it can now process bunched-order swap allocations in concert with Credit Suisse's futures commission merchant (FCM) arm and LCH.Clearnet's SwapClear service.
Bunched order functionality, which two additional FCMs are in the final stages of testing with trueEx, allows firms to conduct post-trade allocation processes similar to equities and futures, and enables them to trade in their top-level, or suspense, account that is handled by their standby clearing firm. A handful of SEFs and DCMs are offering the option as a way to relieve middle-office pressure on buy-side clients.
"As the evolution to central clearing progresses, there is increasing focus on streamlining post-trade workflow, and the processing of bunched orders is one of many innovations that we are currently on to deliver greater operational efficiencies to members and their clients," says Daniel Maguire, global head of SwapClear.
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