Fortis Clearing, a subsidiary of Belgium-based Fortis Bank, is deploying the CityNet Enterprise Reconciliation (Insight) module from City Networks at its London office.
Insight will be used to reconcile open positions, open trades, open trade equity and option market value. The transactions take place between a number of clearing houses, clearing brokers and clients.
Nick Russen, UK MD at City Networks, says Insight replaces Fortis' current reconciliation system, which uses Microsoft Access and Excel, enabling the firm to perform an increased and more efficient number of reconciliations.
The product will also provide improved exception reporting and new functions including access to audit control and management capabilities.
Fortis Clearing reconciles over 150,000 internal records and a similar number of exchange records each day, with the Euronext.Liffe and Eurex exchanges. Once reconciliations with other exchanges have been automated the company expects daily volumes to exceed 500,000 records.