Reduce the Risk of Unknown Trades on Trade Date
There's no question that the financial industry, regulators and industry groups all realize that unrecognised trades increase operational risk and pose a threat to the overall industry.
One of the main reasons is that affirming trades by telephone, fax, bloomberg and email is time consuming and risky. Whether it's due to misplaced paperwork, inefficient processes or just sheer volume, trades can be unaffirmed for upwards of a day, a week or even longer, carrying enormous risk and potential losses.
That's why the Markit’s Trade Date Affirmation service is generating a great deal of attention from the market and our clients: our service has a dramatic impact on recognizing trades, resolving disputes, clearing backlogs, reducing risk and providing critical counterparty transparency.
The Markit Trade Processing Affirmation service includes:
- Online Dispute Resolution-Mitigates Trading and Operational Risk by providing online dispute resolution tools
- Real Time Alerts - Quickly identify mismatches with Markit’s real time alerting functionality
- Mitigating risk up-front - With a consistent and auditable process - and immediate notification of missing, DK'd and disputed trades - the trade day recaps, bloombergs, emails and phone calls are consolidated into one interface
- A complete view of daily trades - Counterparties gain real-time visibility to alleged trades on trade day for earlier identification and resolution of high risk situations
- Broad Asset Coverage - Any trade can be affirmed on the Markit Trade Processing Affirmation service from Credit, Rates, Equities, Commodities and FX
- DTCC and Swapswire Connectivity - View all trades both STP and Non STP on one platform with all statuses