The Singapore Stock Exchange is inviting financial technology vendors to tender for the contract to build a new central pre-matching utility and communications module for automated trade processing.
The ITT follows the completion of the design of the business and technical architecture, which was conducted by a broad cross-industry group representing brokers, custodians, investment managers, insurers and the Monetary Authority of Singapore.
The blueprint calls for the building of a central pre-matching utility (CPM) to match settlement instructions from participants, and a participant access module (PAM) to enable communication among participants via the CPM. Common messaging standards based on ISO 15022 will be adopted to eliminate the current manual matching of institutional trade settlement details. At the same time, the CPM will act as a communication hub for trade settlement between local and overseas participants through connections to global matching utilities such as GSTPA and Omgeo.
SGX is inviting software vendors to submit their indication of interest to build the CPM and PAM by 3 October. The full build is expected to take two years.