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Swift’s Securities Matching Solution Now Live

Swift’s global solution for central trade-date matching for equity and fixed income- Accord for Securities- has gone live.

The pre-settlement matching solution identifies discrepancies in trade details that could cause trades to fail. This enables firms to reduce operational risks and improve service levels by resolving trade problems sooner and preventing trade failures.

The solution is based on Swift’s Accord FX, money market and OTC derivatives matching platform for a group of major prime and executing brokers for trades originating from hedge funds. The brokers are Citi, Credit Suisse, Deutsche Bank, Goldman Sachs and Bank of America Merrill Lynch.

In a statement, Chris Church, Global Head of Securities at SWIFT, said, “Accord for Securities is helping our customers reduce operational risks and costs at a time when this is absolutely crucial, and we are proud to have fulfilled our commitment to deliver a securities matching solution fully adapted to the needs of our community in a very tight time frame.”

After a pilot phase, several of the brokers are now live on the solution as both prime and executing brokers. The remaining brokers are scheduled to go live in the next few weeks and an additional wave of executing brokers is expected to join later in the year.

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