truePTS post-trade tech right fit for JP Morgan and Citi
JP Morgan and Citi have opted to use New York-based truePTS’s post-trade processing tech to provide automation to market participants who process derivatives.
truePTS offers proprietary matching, a validation engine, and artificial intelligence (AI) powered voice deal capture.
It says these features allow auto-matching and direct clearing, automating the manual processing of derivatives, “one of the largest source of errors, revisions, and operational risks”.
The firm adds that 45% of trades were executed OFF-SEF (i.e. swap execution facility) in Q3 of 2017.
According to truePTS, it currently provides straight-through processing with allocations support in 21 currencies and direct access to LCH and CME.
Payments paired
Elsewhere, both banks have been busy recently.
Having finalised its acquisition of WePay, JP Morgan Chase put the payments platform to work by powering commerce platform Volusion.
Meanwhile, FIS and Citi Treasury and Trade Solutions started working together to enable real-time payments and cash management for their corporate treasury customers.
