The Bank of New York has launched a new version of iConfirmSM, a web-based system that automates confirmation processing for foreign exchange trades. Using iConfirm, clients can manage a variety of post-trade activities, including confirmation review and affirmation, settlement processing, maintenance of standard settlement instructions, trade query, and reporting.
iConfirm is designed for clients without SWIFT messaging capabilities or for those who do not subscribe to a third-party confirmation matching service. It allows clients to review and confirm trade details on a same-day basis, verifying the accuracy of transaction details and providing any needed settlement instructions. iConfirm also allows clients to manage the instruction of hedge-related trades separately from those trades executed to facilitate securities trade settlement.
Maintenance of standard settlement instructions can be performed online, and reporting options include the mark-to-market of outstanding trades on a daily basis for valuation purposes.
“This new version of iConfirm is based on collaborative feedback from our clients since the system’s launch last year,” says Richard Estes, the vice president and head of Global Markets e-Commerce at The Bank of New York. “Clients using the new version of iConfirm will find that active confirmations are easier to locate, processing is more intuitive, and the overall presentation of information is graphically enhanced. The result is a simpler means of processing confirmations and tracking their status through trade settlement.”