Itiviti has become the first independent software vendor (ISV) to support new Singapore Exchange (SGX) requirements to reconcile trades within 30 minutes after a market movement.
Terms of the deal will see a new automated solution - forming part of Itiviti's SGX market access gateway - enable members to meet the exchange's deadline while updating downstream components, such as positions, limits and profit and loss processes.
Headquartered in Stockholm, Sweden, Itiviti specialises in the capital markets industry, providing full service trading technology and infrastructure expertise.
Meanwhile, SGX is an investment holding company located in Singapore, which offers services related to securities and derivatives trading.
“Itiviti has worked closely with SGX in order to refine the requirement, test and certify the new recovery capabilities,” Itiviti chief product officer, Richard Bentley, said. “We value SGX support throughout the process, in development, testing and certification of the new capabilities.
“Our clients require us to keep pace with new exchange capabilities and requirements, and this demonstrates our focus on serving their critical need for a reliable exchange connectivity partner.”
In 2016, SGX formed an Industry Working Group (IWG) in consultation with the Monetary Authority of Singapore, designed to assess the current operational resilience of Singapore’s securities market.
Following deliberation, SGX revealed plans to adopt all recommendations of the IWG in March 2017, which suggested the provision of a recovery file that SGX will make available to market members in case of a master order or trade corruption.
Consequently, Itiviti extended its SGX equities market gateway to automate reconciliation based on this file, with the solution automatically processing the recovery file and extracting trades related to orders sent through Itiviti's gateway.
“We are glad that Itiviti is one of the first to develop an automated solution that will benefit its clients and our member firms, allowing them to refer to a single source file in trade data reconciliation,” SGX head of trading and market data technology, Tan Geok Min, added.
“We believe that Itiviti's leadership in connectivity and this newly created solution will no doubt translate into operational benefits for our common clients.”
With more than 1,900 customers worldwide, Itiviti counts Canadian Securities Exchange, Eurobank Group and Westpac Banking as key clients.