Cross Border Exchange Approved as SWIFT Electronic Trade Confirmation -ETC- Service Provider and SWIFT Service Bureau.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--Oct. 14, 2003 CBX (Computerized Branch eXchange) Same as PBX. and Capco to offer integrated, end-to-end pre- and post-trade STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. services for SWIFT members and clients Cross Border Exchange (CBX), the unique technology solutions firm that streamlines cross-border trading and transforms connections among global financial networks, today announced it has been approved as a SWIFT Electronic Trade Confirmation (ETC ETC - ExTendible Compiler. Fortran-like, macro extendible. "ETC - An Extendible Macro-Based Compiler", B.N. Dickman, Proc SJCC 38 (1971). ) Service Provider and SWIFT Service Bureau. The move enables CBX and Capco, the global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and technology solutions provider, to offer integrated end-to-end, pre- and post-trade straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. (STP) services with multiple client link capability via its GeoTrades(TM) platform and SWIFTNet. CBX and Capco established a strategic alliance in May 2002 to explore the development of integrated consulting and technology solutions for the US$30 trillion cross-border securities market. The strategic partners are now positioned to enable STP for the allocation, confirmation, and affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. processes to existing SWIFT members and other SWIFT eligible asset managers and broker dealers around the globe. CBX and Capco plan to offer this facility as a stand-alone service or serve as a concentrator to allow small- and medium-size firms to reach market infrastructure providers without investing heavily in in-house technology and related infrastructure. As a SWIFT ETC Service Provider, CBX will act as an agent on behalf of its investment manager and broker/dealer customers in exchanging electronic trade confirmation messages (orders, executions, allocations, cancellations) and sending settlement instruction messages over SWIFTNet. CBX and Capco plan to begin pilot testing for this service in the fourth quarter of 2003. "Cross Border Exchange is a welcome addition to the SWIFT community," says Bob Davies Robert Edris Davies (b. January 15, 1920 in Harrisburg, Pennsylvania - d. April 22, 1990 in Hilton Head, South Carolina) was a well-known professional basketball player in the 1950s. Alongside Bobby Wanzer he formed one of the best backcourt duos in the NBAs early years. , Head of the Securities Division, SWIFT North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "The CBX- Capco partnership and joint business solution is aligned with SWIFT's strategy of supporting value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. accessed over SWIFTNet." "Capco is excited about this significant opportunity to drive forward our long-established agenda to build true STP solutions for the marketplace," said Rob Heyvaert Rob Heyvaert is a Belgian businessman. He is the founder, chairman and Chief Executive Officer of the Capital Markets Company, commonly known as Capco, a consultancy. Before founding Capco, he created Cimad Consultants and sold it to IBM. , Chairman and Chief Executive Officer, Capco. "There is no better partner to deliver end-to-end pre- and post-trade STP services than Cross Border Exchange, and there is no better network to reach institutions of all sizes and geographies than SWIFT." "I am thrilled that Cross Border Exchange has been approved by SWIFT," said Joe Anastasio, Chief Executive Officer of Cross Border Exchange, and Chairman, Lead Client Partner, Capco North America. "Combined with Capco's stature in the industry, we are now able to bring to life much-needed STP solutions that will significantly reduce cross-border trading and settlement costs for SWIFT's global members." Through the SWIFT Service Bureau designation, CBX and Capco will provide outsourced SWIFT connectivity and value-added processing for member firms to facilitate STP for both pre- and post-trade processing. This includes FIX connectivity, trade enrichment enrichment Food industry The addition of vitamins or minerals to a food–eg, wheat, which may have been lost during processing. See White flour; Cf Whole grains. services linked to message delivery through the SWIFT network, and settlement status reporting. By outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. these functions, customers can lower fail rates and overall expenses while moving to a variable cost model that better matches their revenue. By seamlessly linking these outsourced services via SWIFTNet, CBX and Capco will greatly improve trade lifecycle processing with a minimum of integration. The CBX GeoTrades platform is now being deployed to Citibank, providing technology to its clearing and custodial clients in markets throughout the world. The platform enables Citibank to offer linked execution facilities to its extensive network of clearing branches for end-to-end STP processing of cross border trades, from order entry to settlement. CBX and Auerbach Grayson & Co., a leading global agency broker, have jointly formed AXES axes [L., Gr.] plural of axis. The straight lines which intersect at right angles and on which graphs are drawn. Usually the horizontal axis is the x-axis and the vertical one the y-axis. Called also axes of reference. , a new global cross border trade execution and STP settlement service with local brokers from Auerbach Grayson's network in over 80 markets all linked to common STP web-enabled technology provided by CBX. "This new platform created with CBX as a multi-lateral extension of the Auerbach Grayson hub and spoke Any architecture that uses a central connecting point. It is the same as a star topology in a network. A network hub is hardware that functions as a central hub to all nodes. See hub and full mesh.  network will provide an unparalleled global order routing, execution, and settlement monitoring system," said David Grayson, Auerbach Grayson. "We plan to make AXES available to all SWIFT members through the ETC and Service Bureau offerings in early 2004." About Cross Border Exchange Founded in 1999, Cross Border Exchange's technology provides an end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. to the trade and post trade cycles that is unique in the market, making it complementary to market players such as Omgeo and SWIFT. CBX's solutions for global trading include GeoTrades(TM), which provides automated order capture, routing, execution monitoring, allocation processing, standing instruction management, and settlement instruction generation and status monitoring by leveraging customers' existing technologies and service providers. GeoTrades customers include Citibank providing STP trade and post trade services to brokerage and clearing clients around the globe and AXES, a global network of executing brokers in over 80 markets. More details may be found on www.crossbordex.com. About Capco Capco is a global financial services and technology solutions provider. We assist our clients in transforming their businesses to improve financial and operational performance, risk profile, and return on investments. We combine functional expertise in program and change management, business process innovation and technology deployment with extensive experience to help our clients realize their strategies and goals. Capco is unique in providing integrated consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" and technology solutions to our clients. Our service offerings include enterprise transformation, systems integration, and risk management. Our technology solutions include both proprietary and third party software and address important industry needs around connectivity, market infrastructure, and reference data. For more information on Capco, please visit http://www.capco.com/ Capco is a registered trademark of The Capital Markets Company N.V. |
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