Brady plc, the supplier of trading and risk management applications for metals and commodities, launches new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms will be able to interface directly to the LME’s matching system which will forward trades to the London Clearing House (LCH) for clearing.
There will be a switchover period between November 2008 and March 2009 when both SMART and LCH MCS systems will be available, but by March members will have to interface to the SMART system. Brady’s interface will be available before the launch of LME SMART and member firms will be able to switch to LME SMART at any time before the cut-off date. Brady will provide full training and support to its clients for the implementation.
“We have been collaborating with the LME on the development of our interface and look forward to the launch of SMART,” says Gavin Lavelle, CEO of Brady. “We know that many of our clients are expecting benefits from the new matching system and it is our job to make their migration as easy as possible. The interface will be released by the end of 2008 so that our clients can switch over at their convenience, and have sufficient time to ensure the interface is working perfectly with their systems.”
Brady will provide LME member firms with the option of matching their trades either via the current LME MCS (Matching and Clearing System) or the new LME SMART, before the final cutover to SMART.
D.C.