Derivatives trading platform, Creditex has begun delivering credit default swap broker confirmations in Financial products Markup Language (FpML) format.
The firm says the electronic delivery of broker confirms in FpML will allow banks to fully automate reconciliation processes thereby reducing operational risk and transaction costs.
Ben Lis, deputy CTO, Creditex, adds: "Having confirmations in FpML will help clients detect and resolve trade entry errors more quickly and efficiently than was previously possible."
The Creditex initiative comes hard on the heels of an International Swaps and Derivatives Association consultative paper which urged the uptake of FpML as a standard for improving operational efficiency in the OTC market.