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A-Team Insight Blogs

Message Automation Building CCP Data Harmonization

Derivatives post-trade data management provider Message Automation’s signing of Societe Generale Corporate & Investment Banking (SG CIB) as a client on November 23 is a first step in making its central counterparty (CCP), exchange and broker data more comprehensive, said Hugh Daly, CEO and founder of Message Automation.

“We started with the big clearinghouses that tend to supply the most detail,” he said. “Big banks often have multiple memberships in the big clearinghouses, either through historical mergers, where they kept the memberships, or through client brokers they own and their own proprietary businesses. They need to consolidate all those risks against all parts of the CCP.”

The first phase of Societe Generale’s implementation of Message Automation’s harmonization of the firm’s CCP, exchange and broker data is scheduled to begin in December.

“Monitoring and reporting of CCP exposures is a very complex process, particularly when having to collate and consolidate multiple information sources from a variety of subsidiary companies and over 80 external relationships,” said Philippe De Brossard, head of fixed-income clearing solutions at SG CIB, in a statement. “Our project objective is to streamline and simplify the entire process.” SG CIB aims to automate exposure reporting and create a central database to improve data quality, De Brossard added.

Message Automation’s services have three functions: connectivity from central counterparts to market middleware providers such as Traiana and Omgeo; providing reports from T+1 (trade date plus one) settlements of trades — which Societe Generale will be using; and trade and transaction reporting itself, including harmonization of this data from multiple systems.

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