Dresdner RCM Global Investors (UK) has selected SmartStream's electronic trade confirmations (ETC) module for equity trading in the firm's London office.
SmartStream ETC will provide Dresdner RCM with inter-system reconciliation between its Landmark order management system and Oasys feeds, which are received from around 60 different brokers on the buy-side.
SmartStream ETC operates at both the block and allocation level, says SmartStream, automatically generating an affirmation to the broker’s ETC system and accordingly a confirmation to the custodian. An integrated investigations capability routes exceptions to named staff, who are alerted immediately either by internal email, or by outbound Swift or Oasys messaging.
The SmartStream package was chosen in a beauty parade which also included OneTen and Thomson Financial.
Peter Middleton, Dresdner RCM business relationship manager, comments: "Dresdner RCM’s strategy is focused on achieving STP and meeting the demands of T+1. The implementation of electronic trade confirmations is fundamental to this. We were keen to build on the strong relationship that Dresdner RCM already has with SmartStream Technologies and knew that by partnering with them we could ensure we had a system that met our needs."