Misys has extended its Confirmation Matching Service to include MT306 messages for matching Exotic FX Options. This extended capability within Misys' matching engine enables the buy-side counterparties to potentially increase automation and improve risk management, whilst also reducing manual processes executed by banks.

Misys joined the Exotic FX Options Group that was set up by the banks to address automation of MT306 messages for confirming and matching Exotic FX Options and has been an active participant in the group, leading to today's announcement.

MT306 messages through Swift enable banks to exchange Exotic FX Options between each other in a simple automated manner. However, many of these are also traded with fund managers and other buy-side organisations that are not on the Swift network. As such, traditional post-trade confirmation via fax or over the phone was still necessary for organisations trading outside of the banking network. With Misys adding the MT306 to its Confirmation Matching Service, its non-bank customers will now also be able to enjoy automated post trade confirmation and matching of Exotic FX Options.