22 September 2008 Company Announcements

 

Brady provides connectivity to LME SMART

Brady is launching a new interface to LME SMART (the System for Matching and Registering Trades from the London Metal Exchange). LME member firms should be able to interface directly to the LME's matching system which will forward trades to the London Clearing House (LCH) for clearing.

There will be a switchover period between November 2008 and March 2009 when both SMART and LCH MCS systems will be available, but by March members should have an interface to the SMART system. Brady's interface will be available before the launch of LME SMART and member firms will be able to switch to LME SMART at any time before the cut-off date. Brady will provide full training and support to its clients for the implementation.

Brady clients include LME category 1 and 2 clearing members making the SMART interface development a high priority for Brady. During the initial planning stages it was recognised that clients will need the flexibility of a carefully managed migration from their current technology to SMART. Brady will therefore provide LME member firms with the option of matching their trades either via the current LME MCS (Matching and Clearing System) or the new LME SMART, before the final cutover to SMART. Brady, which provides a degree of straight-through processing (STP), is hoping to provide even greater levels of automation to clients with this development.