Document generation technology provider, Thunderhead has teamed up with The Depository Trust & Clearing Corporation (DTCC) to provide OTC derivatives market participants with an off-the-shelf solution to simplify the process of generating trade confirmations and automating trade matching through DTCC Deriv/SERV.
DTCC Deriv/SERV automates the confirmation and matching of OTC derivatives trades, including credit derivatives, equity derivatives, and interest rates swaps and swap options.
Thunderhead’s XML Adapter for DTCC Deriv/SERV XML messages that are compatible with Deriv/SERV.
“This innovative solution answers the growing need in the market for investment banks, hedge funds and other trading organisations to automate and streamline OTC derivatives trade confirmation and matching without investing in costly, customised systems development,” said Glen Manchester, CEO, Thunderhead.
Thunderhead’s XML Adapter for Deriv/SERV Trade Matching is being extended to include all OTC derivatives templates used by DTCC Deriv/SERV.
“This effort will help OTC derivatives market participants move away from paper-based trade processing more effortlessly, and achieve the benefits of greater accuracy, lower costs and reduced risk through automation – across asset classes,” said Peter Axilrod, managing director, DTCC Business Development.