Thunderhead, a provider of document generation technology, has teamed up with The Depository Trust & Clearing Corporation (DTCC) to provide OTC derivatives market participants with an off-the-shelf solution to dramatically simplify the process of generating trade confirmations and automating trade matching through DTCC Deriv/SERV.
DTCC Deriv/SERV automates the confirmation and matching of OTC derivatives trades, including credit derivatives, equity derivatives, and interest rates swaps and swaptions. Deriv/SERV’s customer base is the largest of any post-trade provider in the OTC derivatives marketplace and includes all major global dealers.
"We commend Thunderhead’s effort to deliver off-the-shelf technology to help financial firms more simply bridge their internal systems with Deriv/SERV, and more quickly automate processing for OTC derivatives – credits, interest rates, equities and more," said Peter Axilrod, managing director, DTCC Business Development.
Thunderhead’s XML Adapter for DTCC Deriv/SERV is a wizard-driven tool, which leads business users easily through the process of generating XML messages that are compatible with Deriv/SERV.
"This innovative solution answers the growing need in the market for investment banks, hedge funds and other trading organizations to automate and streamline OTC derivatives trade confirmation and matching without investing in costly, customized systems development," said Glen Manchester, CEO, Thunderhead. "We’ve been working closely with DTCC to develop our XML adapter. Thunderhead is fully committed to keeping in synch with all the latest versions and templates for DTCC Deriv/SERV trade matching as enhancements are made going forward."
Thunderhead’s XML Adapter for Deriv/SERV Trade Matching is being extended to include all OTC derivatives templates used by DTCC Deriv/SERV.
"This effort will help OTC derivatives market participants move away from paper-based trade processing more effortlessly, and achieve the benefits of greater accuracy, lower costs and reduced risk through automation – across asset classes," said Axilrod.