CLSA is first Asian broker to adopt Swift’s Global ETC service
Hong Kong-based CLSA has gone live on Swift’s Global Electronic Trade Confirmation solution for the automation of allocation and confirmation processes, becoming the first Asian broker to adopt the service.
The firm is aiming to achieve higher levels of operational efficiency in post-trade processes across asset classes, while preserving its investment in straight through processing and matching solutions. “CLSA’s ability to offer Swift’s GETC solution allows us to support our diverse and wide-ranging client base as they continue to strive for improved workflow capabilities and cost efficiencies,” said Tom Garside, CLSA’s head of operations, Asia. “Not only does GETC enable CLSA to meet our clients’ needs, it also allows us to implement greater STP whilst driving down our cost base.”
Claus Kwon, head of securities, Asia Pacific, Swift, said: “Our GETC initiative is gaining momentum globally as both the buy and sell side look to reduce costs, mitigate risk and meet new regulatory requirements.”
Swift’s GETC messages (MT509, MT513, MT514, MT515 and MT517) provide operational control through trade confirmation messages generation. This allows clients to manage and control their post-trade, pre-settlement workflow. The GETC solution uses ISO 15022 standard, which follows a collaborative effort between Swift and a group of investment managers and broker/dealers to create and agree an enhanced ISO best practice implementation governing the use of the securities GETC messages over Swift.