When our client implemented Central Counterparty Clearning, they used MarkitWire as the matching platform and selected Phi as the project partner.
To satisfy internal requirements, online risk and limit checks – as well as information for pricing the trade – should be entered into the trading system directly, while making the trade. The trade details entered on the trade-matching platform are subsequently reconciled against the internal trade status before external confirmation happens on the trade-matching platform.
Across a two-year period the Phi team developed and implemented a CCP clearing approach that provides clear operating advantages. The key is significantly improved functionality that includes:
Online reconciliation of MarkitWire messages ensures correct trade capture and confirmation and it’s done in a second. The new solution replaces visual reconciliation between two GUIs, which also includes the risk to oversee differences. The automated Clearing update in the trading system, which again takes just a few seconds, avoids manual control of the Clearing House reports or Web services. All-in-all, the client now enjoys the benefits of a true two-click solution: Reconcile & Confirm.
“For us now, Central Counterparty Clearing via MarkitWire facilitates trading at lower prices and reduced risk with a wider client base. Phi Partners helped us significantly to make this important transition.”
Michael Gruner, Client Project Manager for CCP.