Broadridge enhances PROactive Matching solution 04 September 2012New York Reporter: Jenna Jones
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Broadridge financial solutions has announced that functionality within its service-based trade confirmation solution, PROactive Matching, has been enhanced to help financial organisations meet the new Dodd-Frank disclosure requirements for FX trade repositories.
The regulation requires firms to identify individual FX transactions to new data repositories using a Universal Swap Identifier (USI), which uniquely identifies each trade.
The new requirement, facilitated in PROactive matching, means firms will be required to report USI’s on transactions to a designated swap data repository.
“This regulation comes at a time when firms are under pressure to reduce operational risk and strengthen their business process controls in an environment of growing deal volumes and increasing trade complexity,” said Robin Kneale, head of strategy and product management, securities processing solutions, Broadridge.
“This PROactive Matching enhancement further advances a highly automated service that will help users to keep in step with forthcoming regulatory changes affecting their business operations.”
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