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Products August 4, 2008
BNY Mellon Enhances OTC Derivatives Processing
August 4, 2008 (PLANSPONSOR.com) - BNY Mellon Asset
Servicing announced it has achieved operational readiness for
the automated trade capture of over-the-counter (OTC)
derivatives through the SWIFT network using the Financial
Products Markup Language (FpML) standard.
Reported by Rebecca Moore
According to the announcement, FpML is recognized by the International Swaps and Derivatives Association (ISDA) community as the standard of choice to communicate electronic information related to OTC derivatives transactions. It provides secure, reliable transport of interest rate and credit swap contract notification messages between asset managers and custodians.
“This leads to more efficient and accurate mid-office and back-office operations. It helps the valuation process, collateral management and counter party reconciliation,” said Ahmad Sharif, managing director and head of the derivatives product group at BNY Mellon Asset Servicing, in the announcement.
In addition to SWIFT, BNY Mellon offers a variety of trade capture mechanisms including custom data files and spread sheets in improving STP rates with derivative instruments.
More information is available at www.bnymellon.com .
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