City Networks, an established leader in developing and implementing software and services to the treasury, securities and derivatives markets, announced today from Sibos 2002 that it has released and delivered to customers, two new products to aid the processing of Continuous Linked Settlement (CLST) related trades.
The products are the TRAM Module for CLS, which enables participants to resolve time critical trade exceptions notified by CLS in the quickest way possible, as a consequence of features such as 4-way matching (Bank/Broker/Counterparty/CLS), and the CLS Gateway, which enables seamless connectivity between Third Parties and their respective Settlement Members.
During the evaluation of solutions to process CLS trades, the primary requirement for institutions, whether they be Settlement Members or Third Party participants, is to find a system that will fully automate the exception handling process and at the same time cause the least disruption to their Back Office systems.
Mitsubishi Trust & Banking Corporation, London wanted a CLS solution that had the least impact on their back office systems. The bank will be using the CLS Gateway to enable them to process their CLS related trades. It also allows the bank to resolve the issue of payments for CLS and non-CLS trades.
“Having used the CLS Gateway, I am happy to announce that we could successfully connect and submit test trades to CLS with a view to becoming a Third Party member. We now have the comfort factor of using a verified product,” said Raymond Wan at London Branch of Mitsubishi Trust & Banking Corporation.
WGZ-Bank, Dusseldorf is a Third Party member. WGZ will receive their CLS trade notifications from their Settlement Member, via SWIFT, which will go directly into the TRAM CLS Module in real-time. The Module will enable them to control, manage and resolve exceptions from one single point.
“City Networks TRAM CLS Module provides us with a proven matching solution. For us a key benefit is the detailed supporting information which enables exceptions to be dealt with quickly and efficiently,” commented Thomas Romer at WGZ-Bank, Dusseldorf.
City Networks is working closely with a number of Settlement Members offering Third Party Services that will enable their customers to start participating in CLS without having to make substantial changes to their back- office systems.
Costa Christodoulou, Chief Executive Officer at City Networks commented, “Our long and excellent relationship with Settlement Members, most of whom are also our customers, ensures that we are always up-to-date with their changing needs and demands. This is demonstrated by our provision of certified solutions to satisfy our customers’ immediate CLS needs.”