J.P. Morgan and Citi collaborate on truePTS post-trade platform
Latest news
J.P. Morgan and Citi collaborate on truePTS post-trade platform 15 December 2017New York Reporter: Zsuzsa Szabo
Image: Shutterstock
J.P. Morgan and Citi are the first two banks to join truePTS’s automated derivatives processing network.
The platform uses artificial intelligence (AI) to automate office tasks that aims to reduce errors and cut the cost of the administrative.
The system offers solutions such as proprietary matching, validation engines and AI-enhanced voice deal capture.
According to truePTS, manual processing of derivatives is a large source of errors and operational risk.
Some 45 percent of trades were executed off-sef in third quarter 2017, according to ISDA.
Kieran Hanrahan, global head of markets middle office at J.P. Morgan, said: "We look forward to working with truePTS and the other market participants to develop new processing solutions for our clients.”
Zohar Hod, CEO of truePTS, added: “We will be the catalyst that provides transparency, increases efficiency and lowers costs for our clients by leveraging the most progressive technology.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one securities finance news source this
year, make sure it is your free subscription to Securities Finance Times
Image: Shutterstock 