A new partnership is intended to help asset managers and executing brokers with compliance, transparency and the resolution of post-trade discrepancies.
The NYFIX Matching platform is declaring that it is the first post-trade matching system to offer integrated messaging because of a new partnership between NYFIX’s owner Broadridge Financial Solutions and communication systems provider Symphony, officials say.
The messaging functions are intended to help asset managers and their executing brokers with “compliance, greater transparency, and streamlined resolution of post-trade discrepancies,” officials say. The collaboration will facilitate direct communication between asset managers and brokers via Symphony’s messaging platform.
“The introduction of messaging functionality responds directly to client feedback, who expressed a desire for faster and more direct communication with brokers. This functionality is now available for NYFIX customers,” according to the announcement.
“By integrating Symphony’s messaging functionality, we are enabling clients to resolve post-trade inaccuracies faster and with greater ease, ultimately enhancing operational efficiency,” says George Rosenberger, head of NYFIX, Broadridge Trading and Connectivity Solutions, in a prepared statement.
“As the financial industry advances toward workflow digitization, it has become increasingly reliant on modern, secure, and interoperable collaboration tools to mitigate risks and increase efficiencies,” says Brad Levy, CEO of Symphony, in a statement. “Through this collaboration, we are able to accelerate trade flows and improve real-time transactional accuracy for Broadridge’s clients.”
Symphony offers interconnected platforms for messaging, voice, directory, and analytics. Its modular technology serves more than 1,000 institutions via support for data security, regulatory compliance, and the optimization of business interactions, officials say.
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