BNY Mellon has enhanced its post-trade processing offering, Trade Director, to provide enhanced automated servicing for German clients.
Trade Director now supports electronic trade confirmation using SWIFT message type 515 [confirmation of purchase or sale] and type 517 [trade confirmation affirmation], as well supporting multiple formats for the messaging of confirmed trade details to BNY Mellons KAG [Kapitalanlagegesellschaft] network.
Trade Director supports all asset classes (outside of OTCs) via a single, unified trade file to streamline processing. It also offers instruction management, confirmation, standard settlement instruction (SSI) enrichment, and settlement and fails management.
Thomas Brand, head of Investment Services at BNY Mellon in Germany, said: SWIFTs Global Electronic Trade Confirmation (GETC) initiative is gaining momentum across the EMEA region, as both the buy and sell side look to reduce costs in the face of increased competition in the post-trade confirmation space. While these latest enhancements are targeted at our German clients, there is growing interest in using MT515 and MT517 messages throughout Europe, and accordingly we will continue to look at expanding Trade Directors capabilities to meet our clients evolving needs.
(JDC)