London Stock Exchange Expands Use of Volante
May 27, 2010
The London Stock Exchange has expanded its use of Volante Technologies’ Composer software to incorporate Financial Information Exchange and Extensible Markup Language formatted messages into its global matching, reconciliation, data integration and validation service called UnaVista.
"As part of our continuing efforts to make UnaVista's services as accessible as possible, we will be linking UnaVista customers to our FIX gateway, as well as opening other transmissions channels based on FIX and XML," says Mark Husler, head of business development at LSE in a statement. "Our experience in implementing Volante Designer for SWIFT messaging integration illustrated how effectively it supported our development plans. We chose the additional messaging formats from Volante to speed up implementation times, and reduce the overhead of managing different message types."
The implementation of Volante’s Designer at the LSE last year allowed customers of the LSE’s Web-based UnaVista platform, which has about 5,000 users in 2,000 global firms, to transmit data through the Society for Worldwide Interbank Financial Telecommunication’s network compliant with the International Standardization Organization’s- 15022 messages.
Volante’s Composer, a desktop application, automatically generates integration code for any platform, application or network. That eliminates the need for hand coding to map messages from one format to another. Launched in 2006, UnaVista allows the LSE’s customers to reconcile disparate reference data obtained from multiple sources and formats, including proprietary systems. The service also allows users to validate reference data held in multiple internal applications – securities masterfiles – with the exchange’s data.
The LSE is also migrating its accredited transaction reporting service known as the Exchange Reporting Service (ERS) onto the Unavista platform which will allow firms to improve the validation of their transaction reporting data and send transaction reports in a range of different formats. That means they will no longer need to rely on middleware to transform their data into the U.K. Financial Services Authority’s standard formats.
Under the European Markets in Financial Instruments Directive (MiFID) firms are required to send reports on executed trades to regulators within a day of the trade being completed. Errors with such transaction reports prompted the FSA to recently fine Commerzbank, Credit Suisse, Getco and Instinet Europe a total of $7.28 million for either not sending reports or sending the wrong transaction reports.
