OSTTRA streamlines trade reconciliation with direct connectivity
06 July 2022 UK
Image: Tasphong
OSTTRA has streamlined trade reconciliation with direct connectivity between two of its post-trade services, MarkitWire and triResolve.
MarkitWire is an electronic trade confirmation and processing platform, while triResolve offers services for portfolio reconciliation, collateral management and reporting reconciliation.
The direct connectivity is currently live with nine existing customers, covering interest rate derivatives and equity derivatives. It will also include repo transactions following the go-live of OSTTRA Trade Processing for Repos in the third quarter.
The enhanced workflow will enable trades confirmed by MarkitWire to be efficiently delivered directly into triResolve, across a common network of more than 2,000 firms.
This will drive standardisation of data for reconciliation, bringing improved efficiency, cost reduction and greater transparency between counterparties, OSTRRA highlights.
Peter Altero, head of rates business development at OSTTRA, says: 鈥淭he connectivity between MarkitWire and triResolve shows that OSTTRA is focused on accelerating innovation in post-trade. Our clients will only have to flick a switch on the MarkitWire side to see the significant benefits of enhanced data in triResolve. This is just the beginning 鈥� there is so much more efficiency to be gained up and down the post-trade stack by having access to enhanced, standardised transactional data.鈥�
Sheila Schofield, head of triResolve business management, EMEA, adds: 鈥淒ata from MarkitWire acts as a gold copy for the majority of over-the-counter derivative transactions. For our clients, seamlessly incorporating this data in portfolio reconciliations will result in improved efficiency with minimal effort and no extra cost, enabling them to focus on their value-add tasks.鈥�
MarkitWire is an electronic trade confirmation and processing platform, while triResolve offers services for portfolio reconciliation, collateral management and reporting reconciliation.
The direct connectivity is currently live with nine existing customers, covering interest rate derivatives and equity derivatives. It will also include repo transactions following the go-live of OSTTRA Trade Processing for Repos in the third quarter.
The enhanced workflow will enable trades confirmed by MarkitWire to be efficiently delivered directly into triResolve, across a common network of more than 2,000 firms.
This will drive standardisation of data for reconciliation, bringing improved efficiency, cost reduction and greater transparency between counterparties, OSTRRA highlights.
Peter Altero, head of rates business development at OSTTRA, says: 鈥淭he connectivity between MarkitWire and triResolve shows that OSTTRA is focused on accelerating innovation in post-trade. Our clients will only have to flick a switch on the MarkitWire side to see the significant benefits of enhanced data in triResolve. This is just the beginning 鈥� there is so much more efficiency to be gained up and down the post-trade stack by having access to enhanced, standardised transactional data.鈥�
Sheila Schofield, head of triResolve business management, EMEA, adds: 鈥淒ata from MarkitWire acts as a gold copy for the majority of over-the-counter derivative transactions. For our clients, seamlessly incorporating this data in portfolio reconciliations will result in improved efficiency with minimal effort and no extra cost, enabling them to focus on their value-add tasks.鈥�
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