Investment management firm Invesco Global has chosen Mercator Software to supply an automated trade confirmation and matching solution with the objective of reducing settlement risk.
The solution is being implemented in Invesco Global's two transactional processing hubs in London and Hong Kong, to collectively service trades in the UK, continental Europe and the Far East.
The project utilises Mercator's Swift ReadyGold accredited matching capabilities and integration technology, which automate the matching process by integrating Invesco's back office system FMC (Financial Models Corporation) with Thomson's Oasys Global electronic trade confirmation network.
According to Invesco, the company's previous inhouse systems was unable to cope with an increasing volumes of trades - which had doubled from 1999 to 2000.
The sharp upswing in trading volumes followed a run of new account wins says Dean Chisholm, director of operations, Invesco Hong Kong. The company wanted to ensure that all trades were confirmed in a T+0 timeframe, he adds, rather than T+2 or T+1 at best under the previous system.