Buy side technology consultant NorthPoint said it seamlessly integrated its order management system with ICE Link, the trade workflow and connectivity platform provider for credit default swaps cleared through the InterContinental Exchange.
Traders and operations staff can now automatically send their CDS trades to ICE Link for affirmation as part of their trade entry process, according to NorthPoint’s release. The real-time, two-way communication with ICE Link allows users to see an up-to-the-minute status of their trades complete with a “success” or “failure” message and detailed information about each status. This automation eliminates the need to re-key trades into another platform thereby reducing errors and streamlining processing. More importantly, users of the NorthPoint Order Management System will be ready to process CDS trades for electronic settlement once it becomes available for the buy-side. This automated integration with ICE Link also allows same-day clearing of CDS trades in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, said the technology consultant.
Johan Glozman, NorthPoint partner/VP, commented: “This integration is a win-win situation for our clients. Day one, they receive the benefits of auto affirmation and straight-through processing to DTCC. Once clearing has been enabled for the buy-side, we just have to flip a switch and clients can start clearing through the same platform that they are already familiar with – without the cost and risk of having to build yet another integration point.” In the same release, Clive de Ruig, Global Head, ICE Link,” stated: “We are pleased to work with NorthPoint in connecting our mutual clients to the ICE Link Auto Affirmation service. Clients who automate their ICE Link connectivity in this way for the trade date processing of cleared OTC trades gain significant reductions in operational risk and cost,” according to Clive de Ruig, Global Head, ICE Link, which the company says is the most widely adopted Credit Default Swaps (CDS) trade workflow and connectivity provider, offering full support for all cleared and OTC transactions.
Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio