Man Group, the alternative investment management business, has gone live with SWIFTs Global Electronic Trade Confirmation (GETC) messaging service and has confirmed its first trades with Morgan Stanley via the Cor Financial Salerio (Salerio) post-trade management service.
Using the services, Man Group matches securities trades centrally or locally, which can reduce risk by eliminating dependencies on a single matching provider.
SWIFTs GETC solution uses the ISO standard to provide a consistent messaging format from block through to settlement.
The project to deliver SWIFT GETC has been completed in less than seven weeks from the first test release to go-live, says Robert Ottley, head of Trading Operations at Man Group. This is thanks not only to the quick turnaround from Salerio, but also to Morgan Stanley who have been extremely supportive during the testing phase of this project. We will continue to add brokers to this network throughout 2013.
Bruce Hobson, head of Cor Financial Salerio adds: We congratulate Man Group in taking the lead as early buy-side pioneers. This initiative will allow their organization to match their trades both centrally and locally, which in turn will reduce both cost and risk. We welcome other buy-side firms to follow Man Groups example.
Arun Aggarwal, head of U.K., Ireland and Nordics, SWIFT adds: Working with Salerio helps us to increase our coverage of major buy-side firms. SWIFTs global ETC solution enables firms to preserve their existing investment in STP and matching solutions, and to cost-effectively retain or achieve high levels of operational efficiency.
(CG)