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Legal & General Investment Management streamlines post-trade processing over SWIFT

Legal & General Investment Management streamlines post-trade processing over SWIFT

25 January 2012

London, 25 January 2012 – SWIFT, the financial messaging provider for more than 10,000 financial institutions and corporations in 210 countries, has announced that Legal & General Investment Management (LGIM) has gone live on SWIFT’s securities Global Electronic Trade Confirmation (GETC) messaging solution with two global brokers.

The SWIFT securities GETC solution is enabling LGIM to preserve its existing investment in STP and maintain its high levels of operational efficiency in trade processing.

This 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. The SWIFT GETC implementation guide ensures uniform adoption of and processing around the equities and fixed income ISO message suite covering block, allocations, confirmations, cancellations and affirmations.

Additional investment managers and brokers – including the majority of bulge-bracket players – will join the community of GETC users during 2012. 

Lee Toms, Head of Operations at LGIM, says: “For some years now, we have been using SWIFT for allocation purposes on a small scale and have been trying to achieve wider take-up across the market. We were delighted when the wider SWIFT community started showing an increased level of interest in this space. The SWIFT GETC proposition protects our very high automation rates and gives us a reliable platform for continued STP evolution, using agreed market standards. We are delighted to put our strategy into action. I would like to thank the brokers live so far including Morgan Stanley, and I would encourage all of our peers and brokers to join us.”

Michael Fiscella, Executive Director, Morgan Stanley – one of the two global brokers live with LGIM on the GETC solution today – comments:."Enabling STP and standardization through proven industry platforms enhances operational efficiencies. Morgan Stanley's goals are aligned with LGIM's vision for building partnerships to deliver common solutions. We commend both LGIM and SWIFT for their efforts in this inaugural implementation."

Arun Aggarwal, head of UK, Ireland and Nordics at SWIFT, says: “Our customers in the securities market are asking us to help them preserve their STP investments by offering a credible platform for post-trade securities processing. LGIM’s successful go-live with two key brokers is an important milestone in our execution of their vision and we look forward to welcoming more investment managers and brokers into the GETC community in the very near future.”

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 210 countries. 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.

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