Trace Datawise Financial Limited, a wholly owned subsidiary of Trace Group plc, has announced Orderbook, a new automated order execution management system for use by investment management companies. This routes orders to settlement systems electronically, reconciles the transactions and provides comprehensive management reporting.
Built following a project with a major global finance house, Orderbook enables greater automation and efficiencies as managers of investment funds move away from manual settlement, with its attendant risk. It is a complementary product to Trace Datawise’s WebTM, the web browser connectivity and message management system, also launched at Sibos. Both are functional components of MPF (Messaging Processing Framework), a new software architecture that enables its users to assemble flexible application systems using pre-existing functional components and connectors. Both components link IFAs electronically to the market using SWIFT’s ISO15022 standard messaging format.
Orderbook, which validates, tracks, reports and reconciles transactions, can be implemented in any order-driven market across a wide range of products, interfacing with back office systems and clearing organisations. It provides faster processing and easy access from any point via the Internet, enabling stricter control over processing and greater accuracy. The product incorporates guaranteed security with configurable access control and encryption together with user and system audit trails.
Says Jo Sethi, Managing Director, Trace Datawise: “Web-based access is the way forward. It is speedy, easy to use and controllable. We have designed our software so that it is affordable for the small to medium sized operation. The fact that it is built within a framework delivering other applications means that an initial investment can provide a multiple pay off in the future.”