Singapore Exchange Transforms Market Infrastructure With Fiserv
Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced September 15 that Singapore Exchange Limited (SGX), Asia Pacific’s first demutualised and integrated securities and derivatives exchange, is achieving more than 99 percent match rates for its SGX Prime pre-settlement matching service (PSMS), which is underpinned by TradeFlow™ from Fiserv. Alongside greater operational efficiency, the benefits from the infrastructure change have exceeded expectations that were established when the service went live one year ago.
“The partnership with Fiserv has facilitated a major change to the Exchange’s core infrastructure. The introduction of SGX Prime PSMS transformed the Singapore market and, supported by the core functionality delivered through TradeFlow, has worked well for us,” said Muthukrishnan Ramaswami, senior executive vice president and chief operations officer, SGX. “Over 85 percent of our institutional trades now settle automatically through PSMS and attain matching rates of over 99 percent on settlement date. The benefits from the project have exceeded our expectations and our customers have been able to achieve greater operational efficiency and reduce their operational risk.”
SGX Prime was launched in October 2008 and has delivered important benefits, such as improved visibility and management oversight, as well as greater control to the Exchange and its participants, including brokers, depository agents and agent banks.
Paul Thomas, managing director, international operations, Investment Services at Fiserv commented, “SGX Prime, with TradeFlow as its core, has set a new global benchmark for best practice in post-trade securities processing. World class delivery resources from Fiserv, allied to our ability to build and support this complex infrastructure change, highlights our unrivalled expertise in driving innovation for our customers and their clients in transaction processing and exception management. The strength of TradeFlow’s integration capabilities ensures that SGX Prime will continue to operate as an efficient and future-proof trade-processing hub.”
Fiserv consultants worked closely with SGX to design and build a highly sophisticated solution to the Exchange’s market requirements. TradeFlow’s extensible matching capabilities incorporated the Exchange’s 110 different matching rules as part of the process of validating and enriching a wide range of transaction types and instruments between market participants before they are passed to the Central Depository for settlement.
Article Source: FISERV website