Swift Expands Accord Matching Service For Hedge Fund Trades
June 15, 2009
Swift, the interbank messaging consortium, has expanded its Accord matching system to handle the pre-settlement processing of trade messages between prime brokers and executing brokers for hedge fund trades.
The upgraded Accord system, called Accord for Securities, went live on May 18. It will match trade and settlement information for non-U.S. over-the-counter equity transactions and fixed-income trades using Swift's MT 515 confirmation messages. Launched in 1994, Accord previously handled matching for foreign exchange, money market and over-the-counter derivatives. Swift officials said the platform has 425 users -- mostly banks and broker-dealers -- in 65 countries.
The goal of Accord for Securities is to reduce the current paper-based communications between prime brokers and executing brokers which is costly and prone to error. "The pre-settlement matching solution of Accord for Securities will automatically identify differences in trade details that could cause transactions to fail," said Patrick Curtin, head of securities initiatives for Swift in the Americas. "Problems can be resolved earlier, preventing trade failures and enabling brokers to reduce operational risks and costs and improve service levels."
