The Depository Trust & Clearing Corporation (DTCC) says that a connection to its Deriv/SERV over-the-counter (OTC) derivatives matching and confirmation service is now available on SWIFTNet, SWIFT’s Internet Protocol (IP) messaging platform.
The link between the two services allows customers on the SWIFTNet platform to deliver real-time, transaction data to DTCC Deriv/SERV for matching and confirmation without having to create a separate, direct computer-to-computer connection to DTCC.
“Our ability to provide customers with access to Deriv/SERV via SWIFTNet enables them to reuse their investment in the SWIFTNet infrastructure and communicate with Deriv/SERV in a time-efficient and cost-effective manner,” says James P. Donovan, the Head of Securities Industry Division and Member of the Executive Committee at SWIFT. “This eliminates the need to operate and maintain multiple links or the need to perform spreadsheet uploads of data into Deriv/SERV.”
In addition to computer-to-computer messaging, market participants can also connect to Deriv/SERV via a secure Web-browser interface or a spreadsheet upload capability via the Internet.
“Our collaboration with SWIFT expands the options available to buy- and sell-side firms to transmit real-time data to Deriv/SERV,” adds Peter Axilrod, the MD of DTCC business development. “This allows us to provide even greater automation levels and accuracy to the market place.”
Connectivity to Deriv/SERV is made available though the SWIFTNet InterAct messaging service. It is secured with SWIFTNet PKI for message authentication, encryption and integrity control.