GEM and Systemwire to launch OTC derivatives trade matching system
London-based Systemwire has teamed up with New York-based Global Electronic Markets (GEM) to develop a new software platform for automated trade matching and rule-based trade validation, called FpML Mediator.
In a joint statement released today, the companies said trade matching and data validation during settlement are two of the biggest issues currently facing the derivatives industry. According to the release, settlement delays caused by data quality or manual matching processes are costing derivatives users millions of dollars every year.
“It is now possible to assess very quickly and precisely why mismatches occur, cutting short operations time and taking a big step towards T+0 settlement,” says Brian Lynn, founder and chief technology officer of GEM.
Financial products markup language (FPML) is an industry-standard protocol developed by the International Swaps and Derivatives Association.
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