The network is being developed to facilitate two-way communications for securities transaction messaging between users of the FMCNet post-trade securities service and the Swift network.
The new service means that Swift customers will be able to interact with investment managers, custodians and brokers via FMCNet’s central matching and rules-based trade management technology, using allocation messaging formats.
Jose Manso, managing director of FMCNet said the partnership was set up to fill the gaps that exist today in post-trade STP.
SWIFT encourages the use of its network for a variety of securities message flows. Investment managers globally can easily interface with FMCNet’s services
FMCNet is a web-enabled platform that aims to provide centralized SSI maintenance, message translation services and interfaces into other networks including Swift.
It has been suggested that FMC will value its label of ETC Service Provider as an important development for the firm, as it will strengthen its competitive standing with existing ETC service providers such as SunGard and Omgeo.
