City Networks forms trader notifications consortium
The UK-based vendor has created a Trader Notification Service (TNS) Consortium representing the bank, broker and IT communities, to push the concept.
The UK-based vendor has created a Trader Notification Service (TNS) Consortium representing the bank, broker and IT communities, to push the concept. Early members include Prebon, Carl Kleim, Eurobrokers, HVB, NordLB, ING Brussels, Tradition and NTT/Verio. The CityNet Trader Notifications product is positioned as a single pipe connecting banks and brokers for STP messaging in the front office - much like the vendor's back office trade confirmation service. As the trade details are agreed the service automatically sends the appropriately formatted messages to update participants' dealing systems. Banks using the messaging service will be able to accept or deny the deal details provided by voice brokers, automate deal entry and initiate back office processing.
Costa Christodoulou<br><br>CEO at City Networks, adds: "More than 400 banks and 40 brokers across the globe already have our technology installed. Adding the Trader Notification Service effectively enhances the existing back office by adding full STP to the front office. Hence banks can complete their STP circle by having a single trader notification and back office confirmation service that represents all voice brokers."