View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
June 8, 2006

DTCC launches front-office affirmation platform

The UK Depository Trust & Clearing Corporation is launching 'AffirmXpress', an electronic system that allows traders and front-office staff to affirm credit derivative trades from multiple inter-dealer brokers at the point of trade.

By CBR Staff Writer

The new platform is being piloted by three inter-dealer brokers (IDB’s) – GFI Group (GFI), ICAP, and Tullett Prebon – and testing will be completed by the end of June. AffirmXpress will be expanded to include other IDBs next year.

DTCC says that AffirmXpress will address the challenge of immediate trade affirmation of brokered transactions. The platform will automate this process, and give trading counterparties the option to submit their affirmed trades directly to Deriv/SERV, DTCC’s automated matching and confirmation service.

Initially, AffirmXpress will support credit derivatives, including single-name and index credit default swaps (CDS), and tranched index swaps. Future releases will include interest rate and equity derivatives products.

Our goal with AffirmXpress is to encourage automation as early as possible in the trade life cycle to reduce operational risk, while giving customers easy access to the tools they need to deal with the growing volume of credit derivatives trades, said Gina Ghent, DTCC’s vice president of Business Development.

Content from our partners
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape
Green for go: Transforming trade in the UK

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU