Derivative Confirms for Buy Side

Interwoven (Sunnyvale, Calif.) launched Scrittura BuySide, a new solution for buy-side firms that automates the incoming confirmations process for over-the-counter derivatives.

Interwoven (Sunnyvale, Calif.) launched Scrittura BuySide, a new solution for buy-side firms that automates the incoming confirmations process for over-the-counter derivatives. Scrittura BuySide enables financial institutions to increase regulatory compliance and reduce trade processing times by automating and validating the confirmation process for OTC derivative instruments such as interest rate, credit, equity, FX and energy, says the company.

The automation solution addresses a "need among hedge funds and smaller financial institutions for a solution to help them improve efficiencies and reduce operational risk like their sell-side and larger counterparts," said Jos Stoop, VP and GM of financial services solutions at Interwoven, in a release. Developed in collaboration with several large hedge funds, Scrittura BuySide features business process management, document management, records management, information capture and messaging capabilities that enable firms to reduce processing time, comply with standards and address trade failure, Interwoven claims.