Barclays Global Investors and Brown Brothers Harriman have become the first asset manager and custodian to exchange FpML (Financial products Markup Language) based contract notifications over Swiftnet. Soon after, State Street, on behalf of PIMCO and other buy-side customers, began testing FpML communication with Bank of New York, Mellon Bank, Northern Trust and State Street Corp. Swift launched the Swiftnet FpML programme, in cooperation with ISDA (the International Swaps and Derivatives Association), earlier this year in a bid to automate OTC derivatives post-trade processing.
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