Twist publishes new FX standard and adds members

Twist (the treasury workstation integration standards team), an industry initiative set up to standardise integration between treasury and FX systems, has published the second version of its FX interface standard.

“The extended version of the standard allows all market participants to achieve operational efficiencies, improved controls, and cost savings through interoperability based on an open set of standards,” said Tom Buschman, treasury development manager for Shell Treasury Centre. “With the adoption of this interface by various market participants and by working closely together with FpML [financial products mark-up language] and Swift [the Society for Worldwide Interbank Financial Transactions], we are now one step closer to achieving true straight-through-processing in the FX industry.”

The group also said information services provider Reuters and TapX, a unit of Cashfac that provides payment netting and accounting solutions, have been accepted as new members of the working group.

The second version of the interface standard follows the first version, which was launched in May this year. The new version was completed in conjunction with the FpML FX products working group, which has also been working to incorporate Twist specifications into its own standards.

The second version includes detailed instructions for FX trading, including trade and settlement confirmation, new trades, collections of trades, amendments, cancellations, allocations, rolls, aggregations and split settlements.

“Twist has provided valuable input that is helping to accelerate the work we are currently doing with the FpML specification for FX products,” said Rick Schumacher, head of the FpML FX products working group. “We are pleased to be working with Twist to drive standards initiatives specifically designed for foreign exchange participants.”

Firms participating in Twist include Royal/Dutch Shell Group, Barclays Capital, PricewaterhouseCoopers, Currenex, SAP, Wall Street Systems, Trema, XRT, SimCorp, Richmond Software, Integrity Treasury Solutions, Alterna Technologies Group and Selkirk Financial Technologies, Reuters and Tapx.

“The extended version of the standard allows all market participants to achieve operational efficiencies, improved controls, and cost savings through interoperability based on an open set of standards,” said Tom Buschman, treasury development manager for Shell Treasury Centre. “With the adoption of this interface by various market participants and by working closely together with FpML [financial products mark-up language] and Swift [the Society for Worldwide Interbank Financial Transactions], we are now one step closer to achieving true straight-through-processing in the FX industry.”

The group also said information services provider Reuters and TapX, a unit of Cashfac that provides payment netting and accounting solutions, have been accepted as new members of the working group.

The second version of the interface standard follows the first version, which was launched in May this year. The new version was completed in conjunction with the FpML FX products working group, which has also been working to incorporate Twist specifications into its own standards.

The second version includes detailed instructions for FX trading, including trade and settlement confirmation, new trades, collections of trades, amendments, cancellations, allocations, rolls, aggregations and split settlements.

“Twist has provided valuable input that is helping to accelerate the work we are currently doing with the FpML specification for FX products,” said Rick Schumacher, head of the FpML FX products working group. “We are pleased to be working with Twist to drive standards initiatives specifically designed for foreign exchange participants.”

Firms participating in Twist include Royal/Dutch Shell Group, Barclays Capital, PricewaterhouseCoopers, Currenex, SAP, Wall Street Systems, Trema, XRT, SimCorp, Richmond Software, Integrity Treasury Solutions, Alterna Technologies Group and Selkirk Financial Technologies, Reuters and Tapx.