SWIFT, the financial messaging provider, has struck a deal with Asian brokerage CLSA to become the first Asian broker to go live on SWIFT’s global electronic trade confirmation product.
The product is used to facilitate the automation of allocation and confirmation processes. The system is designed to allow brokerages to manage their post-trade, pre-settlement workflow.
SWIFT and a group of investment managers and broker/dealers had worked together in the development stage of the service in order to create and agree new best practices governing the use of such messages over SWIFT. This has been encapsulated in the results of that collaboration, which has resulted in the ISO 15022 standard being used in the new product.
Whilst CLSA represents an Asian breakthrough for this post-trade messaging service, SWIFT says it has seen a threefold increase in the number of brokers using their global electronic trade confirmations during 2013.
SWIFT has also announced it is reshaping its personnel roster in order to strengthen its coverage of Asian market infrastructures.
Patrick de Courcy is named deputy chief executive, Asia Pacific, as well as retaining his role as head of markets and initiatives, Asia Pacific. He also has the job of acting head of sales, Asia Pacific until that position is filled.
SWIFT has re-vamped its senior relationship management structure on a geographical basis, and that is being oriented towards a greater focus on ASEAN markets.