City Networks says Fortis Clearing is to implement its CityNet Enterprise Reconciliation (Insight) product.
Fortis Clearing has purchased the Insight solution to reconcile its open positions, open trades, open trade equity and option market value in the company’s London office. The transactions take place between a number of clearing houses, clearing brokers and clients, and the Insight product now offers the company a standardised reconciliation process with greatly improved STP capabilities.
As one of the largest third party clearers of futures and options trades in Europe, Fortis Clearing expects to reconcile over 150,000 internal records, and a similar number of exchange records each day, with the Euronext.LIFFE and Eurex exchanges. Once reconciliations with other exchanges have been automated the company expects daily reconciliation volumes to exceed 500,000 records.
As well as the benefits of increased automation and standardised reconciliation, Fortis Clearing will also receive improved exception reporting and a number of user functionalities. These include access to audit control and management capabilities.
“We are pleased to be working with City Networks to improve our STP efficiency, and look forward to achieving improved reconciliation and exception reporting,” says Roger Little, London Operations Director at Fortis Clearing.
Nick Russen, UK MD at City Networks added: “By implementing Insight for enterprise wide reconciliations and replacing the current system of Access and Excel, Fortis Clearing will be able to perform an increased and more efficient number of reconciliations. We are delighted that we can provide this service for them”.