SWIFT announces threefold increase in brokers live on Global ETC solution in 2013

SWIFT’s standardised solution for local trade confirmation matching gathers momentum as reliable, low-cost alternative

London, 24 April 2012 – SWIFT, the financial messaging provider for more than 10,000 financial institutions and corporations in 212 countries and territories, today announced a threefold increase in the number of brokers using its Global Electronic Trade Confirmation (GETC) solution for the automation of allocation and confirmation processes. Since the beginning of 2013, there are now 16 brokers live on GETC.

SWIFT’s GETC solution is a reliable, easy-to-implement and cost-effective option for local matching of equity and fixed income trades. It uses the well-established, well-understood SWIFT ISO 15022 messages for ETC, enabling investment managers and broker/dealers to standardise this process globally.

Users of GETC can tap into the international reach and unrivalled security and resilience of SWIFT. They are also reaping cost savings of up to 50 per cent over alternative solutions on the market.

SWIFT’s GETC solution also supports compliance with forthcoming regulation – such as CSD-R – which is expected to seek mandatory electronic confirmation of all trades, and further enable readiness for T+2 settlement.

Paul Taylor, Director – Global Matching, SWIFT, says: “The rapid take-up of GETC by the broker community this year reflects the demand in the marketplace for an alternative solution for trade confirmation matching. As a recent Aite Group report showed, the majority of buy side firms favour local matching over central, and they are pushing their brokers to adopt solutions such as GETC. In addition, there is demand from across buy and sell sides for a solution with the highest levels of resiliency which is also significantly more cost-effective than other solutions on the market.”

Gert Raeves, Research Director, CEB TowerGroup, adds: “The changing regulatory landscape is forcing financial institutions to rework internal operations and procedures.  Post-trade processes are no exception as these market changes will impact the full trading cycle from pre-trade through to settlement and reconciliation. The more options available in the market, the better chance financial institutions have to source the right, cost-effective solution to meet their business requirements.”