Legal & General Investment Management (LGIM) has gone live on SWIFTs securities Global Electronic Trade Confirmation (GETC) messaging solution with two global brokers, one of which is Morgan Stanley.
The GETC solution follows a collaborative effort between SWIFT and a group of investment managers and broker/dealers to develop ISO best practice implementation of these types of messages over SWIFT. There have been several initiatives to implement GETC messaging, including for MT 515 confirmation between broker/dealers and end-users; collateral messaging and automation; and tri-party repo messaging, according to SWIFT.
The GETC solution enables LGIM to preserve its existing investment in STP and maintain its high levels of operational efficiency in trade processing, SWIFT says.
SWIFT expects more investment managers and brokers to take up GETC messaging this year.
Our customers in the securities market are asking us to help them preserve their STP investments by offering a credible platform for post-trade securities processing, says Arun Aggarwal, head of UK, Ireland and Nordics at SWIFT. LGIMs successful go-live with two key brokers is an important milestone in our execution of their vision and we look forward to welcoming more investment managers and brokers into the GETC community in the very near future.
Thompson Reuters launched a similar service last May called Thomson Reuters Trade Confirmation, a matching service that enables the legal confirmation of trades and the submission of trade details to clearing houses, trade repositories and regulators in real-time.
(CG)