system, has released the company’s tailored interface that provides a direct link to The Bank of New York (BNY).
Shadow Financial clients that utilize BoNY execution and clearing services will now have real-time information on the day’s trades in one location.
Donald Marino, CEO of Shadow Financial Services, said, “Our interface with BoNY is a key addition to the ShadoSuite system. Clients that utilize the services of The Bank of New York now have one source for real-time information about trades, clearance status and the day’s settlement processing. This interface is one more step in our commitment of providing our clients with the most advanced securities processing systems.”
Shadow’s interface with BoNY links to their Government Securities Clearing Exchange (GSCX) system using the bank’s proprietary SWIFT (Society for Worldwide Interbank Financial Telecommunication) message formats for the transmission of trade-related messages for settlement via MQ Series.
Some of the unique features of this interface include a statistics window that allows users to acquire an overview of the day’s settlement processing, a primary processing screen that provides a one-stop display of all clearance status messages and includes a filter feature that allows for quick and easy viewing of desired items. In addition, all of the items on the primary processing screen are time-stamped with a continuously updated timestamp based on any status changes received for a message, such as the date and time a trade message was cleared.
Shadow’s customized interface utilizes color-coding to alert users to items that are potential problems, and the actual SWIFT formatted messages ca n also be retrieved and analyzed for additional problem solving. The interface also features built-in links to other windows that allows for certain items to be isolated based on status, such as canceled trades and rejected trades.