BONY Enhances STP with Post-Trade Messaging

October 9, 2001( -The Bank of New York (BONY) has launched a new post-trade messaging service that enhances FX straight-through processing for clients using iFX Manager, an online FX and trade execution system.

Clients can now use iFX Manager as their sole vehicle for managing all their trade execution, regardless of counterparty or price discovery method.

Two different types of post-trade messages can be generated in electronic format. These messages include the details of trade execution necessary to custodians, fund accountants, and plan sponsors, as well as counterparties other than The Bank of New York. The message types are:

  • Execution Notification, and
  • Allocation Notification

Execution Notification messaging allows clients to conduct more FX trading on a block basis with selected counterparties.

Allocation Notification supports the execution function enabling iFX Manager clients to generate electronic messages to notify other counterparties of the details for booking executed trades across multiple accounts.

The iFX Manager Messaging Services use both the SWIFT network and the system’s autofax and e-mail capabilities to notify message recipients on behalf of clients.