LCH.Clearnet has bought ECOFIN’s data models FIDM and MODM as part of its next generation clearing applications.
LCH.Clearnet’s new generation clearing applications will use FIDM and MODM for the complete description of terms and conditions data of financial instruments, and for the establishment and maintenance of positions in such instruments over time.
“We are delighted that LCH.Clearnet Ltd. has chosen our models to develop their new clearing systems,” says Juerg Grossmann, CTO, ECOFIN Research and Consulting Ltd. “We expect that the two models will give LCH.Clearnet Ltd. an important advantage for the efficient clearing of complex financial instruments.”
Guy Ruddock, Head of IT at LCH.Clearnet, adds that the selection followed an RFP. “After a thorough evaluation we concluded that ECOFIN’s data models provided the best fit to our needs,” he says. “The models provide a data structure that affords the extensibility that is critical in developing our new software applications.”