CLSA becomes the first Asian broker to go live with global electronic trade confirmation on SWIFT
Hong Kong, 28 May 2013 - SWIFT, the financial messaging provider for more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories, today announced that CLSA has become the first Asian broker to go live on SWIFT's Global Electronic Trade Confirmation ("GETC") solution for the automation of allocation and confirmation processes.
SWIFT's GETC messages (MT509, MT513, MT514, MT515 and MT517) provide operational control through trade confirmation messages generation. This allows clients to efficiently manage and control their post-trade, pre-settlement workflow. The GETC solution is backed by the widely accepted ISO 15022 standard, which follows a collaborative effort between SWIFT and a group of investment managers and broker/dealers to create and agree an enhanced ISO best practice implementation governing the use of the securities GETC messages over SWIFT.
CLSA is one of Asia's leading independent brokerage and investment groups. By using SWIFT's GETC solution, CLSA can now cost-effectively achieve higher levels of operational efficiency in post-trade processes across asset classes, while preserving their existing investment in straight through processing (STP) and matching solutions. They can also benefit from SWIFT's global reach, unrivalled security and resiliency, and proven capabilities in supporting mission critical applications.
Tom Garside, CLSA's Head of Operations - Asia, says: "CLSA's ability to offer SWIFT's GETC solution allows us to support our diverse and wide-ranging client base as they continue to strive for improved workflow capabilities and cost efficiencies. Not only does GETC enable CLSA to meet our clients' needs, it also allows us to implement greater STP whilst driving down our cost base."
Claus Kwon, Head of Securities, Asia Pacific, SWIFT, says: "Our GETC initiative is gaining momentum globally with growing interest from Asia, as both the buy and sell side look to reduce costs, mitigate risk and meet new regulatory requirements."
"CLSA is focussing on growing their securities business without incurring additional operational costs typically associated with increases in trade volumes. That's why they came to SWIFT to streamline their post-trade processes, because our highly resilient network reduces the operational risk while enhancing overall STP rates," adds Claus.
Investment managers and broker/dealers are seeing the benefits of using SWIFT as a provider of post-trade messaging services. SWIFT reported a threefold increase in the number of brokers using its GETC solution in 2013.
SWIFT has been in Asia Pacific for over 30 years, starting in Hong Kong and Singapore. Three regional offices have been opened in Asia since 2005, bringing the total to eight commercial and support offices including our customer support centres in Hong Kong and Tokyo, as well as an Operational Central Control Centre.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 212 countries and territories. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
For more information, please refer to our website http://www.swift.com/ or contact:
Head of Media Relations, Asia Pacific, SWIFT
+852 2107 8873
CLSA is Asia's leading and longest-running independent brokerage and investment group. The company provides equity broking and execution services, investment banking and asset management services to global corporate and institutional clients.
Renowned for service excellence, product innovation and award-winning market intelligence, CLSA has been an unconflicted provider of research, sales and trading since 1986. CLSA has built its reputation on unrivalled equity research and economic analysis which is consistently ranked the best in Asia. With exchange membership in each developed markets in Asia and a dedicated team of experienced sales traders, CLSA is highly committed to delivering the best execution performance.
CLSA was voted Best Overall Brokerage in Asia (ex-Australia and Japan) for Combined Research and Sales in 2007-12 (except 2011) and No.1 Most Independent Research Brokerage for the past 11 years in the annual Asiamoney Broker's Poll (except 2005). CLSA was also ranked No.1 for equity strategy in Institutional Investor's All-Asia Research Poll between 2003 and 2012 (except 2006 and 2010).
CLSA's execution desk offers clients the highest quality service and access to markets in any way they wish to trade via our sales traders, algos, DMA, or block trades. CLSA also offers F&O, Swaps, Pnotes, OTC Equity derivatives, QFII, and CSAs to its diverse client base. The group's investment banking services include equity public offerings (primary and secondary) and M&A advisory. Alternative asset management is offered through a range of Asia-based funds under CLSA Capital Partners.
Founded in 1986 and headquartered in Hong Kong, CLSA has over 1,500 dedicated professionals located in 21 cities across Asia-Pacific, as well as Europe and the US. CLSA's major shareholder is France's Crédit Agricole, which merged in 2003 with Credit Lyonnais. In July 2012, China's CITIC Securities became a minority shareholder of CLSA and in November 2012 it entered into an agreement with Crédit Agricole for the remaining equity stake in CLSA, subject to the necessary regulatory approvals.
Additional information is available at http://www.clsa.com/. For further information, please contact:
Head of Communications, CLSA
Tel: +852 2600 8196