Markit to Acquire Swapswire to Fortify OTC Derivatives Processing Infrastructure

UK data supplier Markit announced an agreement to acquire Swapswire, an electronic trade confirmation network backed by dealers for processing OTC derivatives. Financial terms were not disclosed. The acquisition is expected to close in early 2008.

The deal follows a string of acquisitions by Markit and solidifies Markit’s role as a powerhouse brand position in the derivatives space, comments Brad Bailey, senor analyst at Aite Group, in an email sent to the media. Markit, which is 70 percent owned by major derivatives dealers, provides pricing, a portfolio valuation service, trade processing of OTC derivatives through its acquisition of Communicator last year, and owns indexes. Last month, Markit bought out International Index Company (IIC), owner of the iTraxx Indexes and CDS IndexCo, which owns the CDX indexes.

“Swapswire has helped out a lot on the interest-rate swap confirmation process, “ says Bailey in an interview. “Most of the dealers use them and they’ve been getting a lot of traction on the equity derivatives side as well,” says Bailey. Interestingly, Markit is 70 percent owned by the major dealers derivatives dealer and Swapstream is 95 percent owned by the major derivatives dealers, notes Bailey.

Swapswire is an automated service, owned by 21 dealers, that allows market participants in the OTC derivatives markets to complete trade date confirmations immediately upon execution. Major dealers, inter-dealer brokers, prime brokers and buy-side institutions rely upon on the service.
In a statement, Markit said it plans to combine the Swapswire confirmation capabilities with its trade processing workflow platform to provide the OTC derivatives market with a cross-asset trade processing solution, critical mass and a global network. The enhanced platform will have over 200 buy-side institutions, 50 dealers and 45 inter-dealer brokers.

With the relentless growth in OTC derivatives, which has put pressure on operational infrastructure and raised regulatory concerns, Chip Carver, CEO of Swapswire, stated that the industry faces significant hurdles. By combining Swapswire and Markit together, “We will be able to provide the financial markets with the best possible tools to overcome these challenges,” Carver further stated in the release. The combined business will be co-headed by Jeff Gooch, EVP and head of trade processing and valuations at Markit and Carver.

According to statistics from the Bank for International Settlements (BIS), the OTC derivative markets grew by 25 percent in the first half of 2007, compared to 12 percent in the second half of 2006. Meanwhile, the average number of outstanding confirmations doubled year-on-year, according to Markit’s Quarterly Metrics report, which surveys operational data from the top 18 dealers. Markit says the aggressive volumes have led to mounting backlogs of unconfirmed trades, which attract regulatory scrutiny.

Bailey agrees, “There are still a lot of fundamental problems with derivatives processing such as front-office errors.” This summer’s credit crisis highlighted a lot of problems the market is having in terms of errors, he says.

In a statement, David Lown, EVP at PIMCO, which is a buy-side client of Markit’s comprehensive workflow services said, “the deal will be of immense value to the buy-side community. The integration of SwapsWire’s real-time confirmation tool into the Markit service will give us a cross-asset platform with electronic straight through processing, allowing us to support our growing OTC derivative businesses with greater operational efficiency,” added Lown.

Bailey said the combination of Markit and Swapswire “is a positive step from a buy-side perspective,” because buy-side institutions are confused about resource allocation decisions and which vendors will be around in the future. Also, Markit will eventually provide connectivity into two industry confirmation systems.

Through Communicator’s pipes, Markit provides the connectivity to DerivServ, the DTCC’s matching service for credit derivatives, says Bailey. However, Swapswire has not built connectivity to DerivServ, notes Bailey. Bailey says the deal positions Markit to offer connectivity to both Swapswire and DerivServ. “Their clients will be able to type trades into these two major utilities,” says Bailey.

Now that Swapswire will be part of market, it will make it easier for buy side firms to go to DerivServ or Swapswire because the connectivity will be provided through Markit, says Bailey. If this were to happen, PIMCO, which is a buy-side client of Markit’s workflow service, could do a trade and pump that to DerivServ (via Markit) and now they’ll own Swapswire, he says.

Source URL: http://www.wallstreetandtech.com/blog/archives/2007/12/market_to_acqui.html?cid=nl_wallstreettech_week
Publish date: December 05, 2007

Derivatives Processing Will Attract More Dollars, Attention in 2008

CHALLENGE: As OTC derivatives grow increasingly popular, accurate pricing and risk evaluation is more important than ever. Automating derivatives processing also will be a priority in 2008 -- not just for efficiency's sake, but also to help firms mitigate market volatility.

One of the biggest originators, Merrill Lynch, took a huge writeoff for its losses and ousted its CEO. "This summer certainly highlighted ... the complexity of dealing with products that are hard to value," Bailey notes. The need has never been greater for buy- and sell-side firms to invest in technology to keep their derivatives involvement as immune to market volatility as possible. Implementing analytics software that can help with better pricing and risk evaluation, and accurate and timely trade capture and processing, will be top priorities in 2008.

Where the Industry Is Now: As a result of the CDO fiasco, some of the work that had been going on to automate derivatives processing (particularly the DTCC's Deriv/Serv and Trade Information Warehouse for processing and storing derivatives contracts) suffered a setback, and attention shifted toward technology that helps price derivatives, assess their risk and capture trade details. At the SIBOS conference in October, delegates discussed the need to get to T+30 -- the ability to process derivatives within 30 days. "The OTC market has evolved in a very inefficient way, and we're trying to automate big parts of it," Bailey says.

Focus in 2008: Broker-dealers will continue to urge clients to use Deriv/SERV. However, some dealers still need to make sure their software can read and produce Financial products Markup Language (FpML) so that it speaks what is becoming the common language of derivatives. Buy-side firms will upgrade their technology, especially those that plan to invest more heavily in derivatives. Some will turn to outsourcing or hosted solutions so that they don't have to build in-house.

Industry Leaders: The so-called "Fed 14" -- the 14 broker-dealers that promised the Federal Reserve in 2005 they would remedy their derivatives processing backlogs of up to 90 days -- are probably the furthest along in derivatives automation.

Technology Providers: DTCC, SwapsWire, T-Zero, CreditMatch, Markit and Thomson Tradeweb all have been evolving their derivatives technology offerings. Several vendors, some new to the space, introduced derivatives processing offerings at SIBOS in October: Content management system vendor Interwoven launched DealConnect for DTCC, which lets buy-side firms and broker-dealers connect with the DTCC's Deriv/SERV Trade Information Warehouse; Wall Street Systems unveiled a hosted back-office clearing and settlement system; Document Sciences and Volante Technologies announced a partnership to automate the production and transmission of trade confirmations over a range of messaging systems; and Message Automation and City Networks launched Proactive Derivatives, a solution for automating post-trade management of OTC derivatives.

Software that enables model-based pricing, from vendors such as Numerix, Quantifi and Maplesoft, will be big this year as firms strive to bring more intelligence to their derivatives investments. Software that helps match documents between counterparties and handle the workflow of derivatives, such as Document Sciences' offering, also will be considered.

Price Tag: According to Bailey, dealers spent $610 million on IT just for credit derivatives in 2007. "There have been a lot of setbacks, but I see sell-side firms spending around $740 million on credit derivatives technology next year," he predicts.

Source URL: http://www.wallstreetandtech.com/showArticle.jhtml?articleID=204203549
Publish Date: November 26, 2007

Ucits III Drives Demand for Independent Valuation

Société Générale Securities Services (SGSS) has rolled out Xenomorph's TimeScape data management solution in response to mushrooming demand for more complex financial instruments among buy-side firms seeking independent valuation services.

Société Générale Securities Services (SGSS) has rolled out Xenomorph's TimeScape data management solution in response to mushrooming demand for more complex financial instruments among buy-side firms seeking independent valuation services.

SGSS has integrated the data management system in its derivatives operations support services, which the fund administrator offers to asset management clients in a five-year deal. The data management services provided by TimeScape, including the independent valuation of structured derivatives products and risk management support, are in demand as a result of the EU's Undertakings for Collective Investment in Transferable Securities III (Ucits III) directive. The pan-European legislation has extended the range of financial instruments in which funds are able to invest.

Rachid Lassoued, head of financial engineering at SGSS, says the firm last year witnessed "surging demand" for independent valuation services for complex derivatives products, chiefly among buy-side firms. Investment banks are also requesting the services for their insurance, corporate and fund management clients, says Lassoued.

"In the past, buy-side firms relied on the counterparty's valuation services in a trade. There was no independent check. Also, every time you have a crisis, there is an incentive for firms to go to independent valuation services," says Lassoued.

"The growth in more sophisticated financial instruments among buy side firms is the driver. More asset managers are using derivatives," says Xenomorph CEO Brian Sentance.

TimeScape's validation capabilities are also utilized to control and cleanse multiple sources of market and instrument data for use by other downstream systems.

SGSS began integrating the TimeScape solution earlier this spring with Summit, the fund administrator's front-to-back office system for derivatives. Officials from both parties decline to disclose the value of the deal.

Source URL: http://www.watersonline.com/public/showPage.html?page=printer_friendly&print=637354
Publish Date: 1 November, 2007

Thunderhead to automate FpML processing for OTC trades across SwiftNet

UK-based Thunderhead has signed a partnership agreement with financial industry network Swift aimed at simplifying OTC derivative post-trade processing across the SwiftNet platform via the use of industry standard FpML messaging.

Thunderhead says its ability to generate FpML (Financial products Markup Language) output - combined with its support for DTCC's Deriv/Serv's OTC derivatives matching service and trade information warehouse - enables Swift members to dramatically simplify the process of generating electronic trade confirmations and achieve automated trade matching.

The vendor's XML adapter for Deriv/SERV provides an interface that allows users to quickly define and generate accurate FpML messages for delivery across the Swift network.

"The combination of Swift's broad reach of network and services infrastructure, combined with Thunderhead's extensive support for creating and delivering FpML, speeds the deployment and implementation of FpML to both the buy-side and sell-side participants to improve operational efficiencies and reduce operating costs," says Glen Manchester, CEO of Thunderhead.

"The need to streamline the trade confirmation process and reduce operational risk across a vast spectrum of asset classes is increasing dramatically," adds Fabian Vandenreydt, head of broker dealer and pre-settlement services for Swift. "Thunderhead's experience in helping financial services firms manage STP in derivatives trading makes them a welcome addition to Swift's partner community."

Last year US investment bank Morgan Stanley implemented Thunderhead's document generation technology to help automate the creation of OTC derivative trade confirmations.

Source URL:http://www.finextra.com/fullstory.asp?id=17467

Publish Date:21 September, 2007

OTC Derivatives Face Post-Trade Challenges

What will it take to automate the post trade landscape?

By Mayiz Habbal

The OTC derivative environment is burdened by volumes of paper, spreadsheets and phone calls associated with deal tickets, deal contracts, legal contracts and counterparty management. Growth in the derivative market has outpaced operational capacity and expertise. The nature of derivatives is a high degree of processing interdependency among market participants and continual development of new structures, as well as a dynamic life cycle subject to external events, such as defaults and trade transfers. The challenge for money managers and broker-dealers is to automate processing. Potentially, the next five years will be a new era of collaboration and technological creation, and an amazing race in which the finish line is a win for all.

The trading world is filled with interdependencies and short time frames with efforts geared to affirmations within a few days of trade execution. Money managers need to advise brokers of trade allocations before broker confirmations can be sent out. Lack of affirmation from a counterparty can create an opportunity for downstream delays in accurate payment. Further, hedge funds work with multiple prime brokers in order to protect confidentiality and mitigate risk. There are instances of relatively small firms with $100 million in assets under management using three prime brokers. The trading and operational challenges multiply.

It is estimated that up to 30 percent of OTC derivative trade confirmations contain an error(s) and require subsequent handling for rebooking or amendment. Most OTC derivative trading is conducted by phone or fax. The operational nightmare of backlogs, errors and staffing shortages are a reality for many firms. Industry market participants and regulators alike are concerned. The cumulative costs of errors and the potential trade exposures are too huge to ignore, particularly in light of the mainstreaming of the derivative market and the increase in cross-border trading. The global regulatory agencies more and more are coordinating their efforts to enhance not only local market stability but also global stability in the financial markets.

According to a previous Celent report on European post-trade processing, "The majority of respondents indicated that less than 50 percent of derivatives processing is automated. The lack of STP in derivatives was mainly attributed to the complexity of transactions and lack of standards. As a result, 35 percent of respondents cited derivatives as the No. 1 priority for STP projects as opposed to other instrument classes."

Buy Side Slow to Automate

What's clear to brokers -- and to many in the technology sector that service the brokers -- is that the buy side is not shifting to the automation paradigm as actively as is needed. Firms may delay because there are few multisecurity systems, there may be additional costs or they do not feel their volumes justify an additional technology implementation.

The buy-side purchaser of technology for derivatives processing is still a rare bird. A quick count of the leading providers in this space not affiliated with an execution platform show about 1,000 hedge funds and asset manager clients. Lack of adoption reflects the still relatively young technology. The buy-side community still is coping with front-office trade automation and other technology priorities, such as compliance, risk analytics and portfolio management systems for investment of derivatives.

The market likely is waiting for further advancements in the field, as well as its own derivative volume to increase in order to justify the expenditure. Many are simply relying on whichever processes and tools the broker-dealers provide. Looking to a broker-dealer to provide support and to adapt operational procedures based upon what is free in the market is common.

Unlike the broker-dealer community, which has greater technology and financial resources, most buy-side firms prefer to purchase technology that is multifunctional, product-neutral and designed to handle any security type. Many of the vendor solutions today are geared to a single type of security. Since the broker-dealer community is behind much of system development and firms typically operate in a silo structure, single-security systems are not as burdensome. Buy-side firms will postpone a shift to new technology if they believe the vendor market is in transition and are willing to make trade-offs even if the result is more manual labor. If existing systems provide some element of support, all the better -- and all the longer the postponement.

Growth and Lack of Standards

The derivative world is simultaneously coping with a growth boom and the need for standard protocols and procedures with agreement from a myriad of market participants. The key drivers to change are the broker-dealer community and organizations such as ISDA, DTCC Deriv/Serv and the regulatory agencies, as well as very large traditional asset managers and hedge funds. It is a collaborative effort that will take time but is launched on the heels of success in credit derivatives.

The general lack of broad buy-side adoption of third-party solutions to automate the post-trade/pre-settlement environment is partly a measure of progress of these leading figures. A quick count of the number of buy-side clients on leading applications not affiliated with an execution platform is about 1,000 firms -- not high, considering the thousands of money managers worldwide that might be dabbling in unlisted derivatives. DTCC Deriv/Serv, a key vendor in the trade confirmation service, has approximately 800 investment firms, and that figure has exploded from three years ago. Deriv/Serv has gained the greatest penetration in the credit market, although not universally across OTC derivatives.

So what is delaying broad adoption by the buy-side firms? Are they not as encumbered in the OTC derivative processing dilemma as the broker community?

Outside of active hedge funds with sophisticated strategies and traditional money managers of very large funds, the overall trade volume for the bulk of firms may be considered too small to warrant additional budget for these software applications. Firms are content to cope with manual processes on small trading volumes. Others just rely on free services, such as prime broker-provided Web portals. Given the size and interdependency in the markets, it might well be time for the buy side to make a greater contribution to industry problems.

In buying technology, most asset managers prefer to choose from a variety of competitive solutions that handle multiple products versus a single type of OTC derivative. Few are eager to be the first to sign up for a new solution. The buy side often adopts a wait-and-see approach to optimize expenditures on a clear leader or to allow enough time for the technology to evolve a generation. Buy-side firms also look at vendor reputation, and in a new technology sector such as post-trade/pre-settlement, where change still is occurring, it takes time to validate credentials.

However, vendor options will grow -- and soon. The sector is a long way off from commoditization, regulators are collaborating globally, and the brokerage community is determined to make the pain go away.

Mayiz Habbal is managing director of the Securities & Investments Group at Celent and is based in the firm's New York office. His areas of research focus on enterprise architectures and aligning business strategy with IT initiatives. He brings with him more than 15 years of experience in the management and development of software and engineering of IT strategies, predominantly in the investment banking industry. Before joining Celent, Habbal held positions with Oracle Siebel, Bank of America and Dresdner Kleinwort.

Publish Date - July 30, 2007
Source URL: http://www.financetech.com/showArticle.jhtml?articleID=201201909

Technology Upgrades Improve Derivatives Processing

Derivatives Processing picks up speed thanks to tech upgrades at DTCC, SwapWire, major broker-dealers and custodians.

What a difference two years make. In October 2005 at the Institute of International Bankers Luncheon in New York City, Timothy Geithner, president of the Federal Reserve Bank of New York, expressed grave concerns about "the growth in volume and complexity of new instruments for risk transfer, which has advanced, as it typically does, ahead of improvements in the trade-processing infrastructure and risk management and control practices." Among other problems, he cited "the degree of manual processing required for trade capture and settlement, ... and the slow adoption of market services for automated processing."

Fast-forward to summer 2007, and derivatives processing is a slightly more automated world, especially credit derivatives -- contracts that transfer the risk of the total return on a credit asset falling below an agreed level without transfer of the underlying asset. An April 2007 report from the International Swaps and Derivatives Association (ISDA) found that outstanding credit derivatives trades fell from 16.2 days worth of business in 2006 to 5.5 today; interest rate derivatives were down to 14 days from 50. The survey also found that among large firms, more than 70 percent of credit derivatives confirmations are sent out T+1, up from 50 percent a year ago.

"Last year there was a lot of attention to credit derivatives because of the fast growth in that market and outside pressure from the Fed and [British regulatory body] FSA," explains Brad Bailey, senior analyst at Aite Group. "There was a considerable spend on technology and innovation by different vendors," including Calypso, Markit, T-Zero, Thunderhead and Interwoven, and the major dealers invested heavily in these upgraded solutions, he adds.

Further, the Depository Trust and Clearing Corp., the broker-dealer-owned clearing utility, built a trade information warehouse that stores a "golden copy" of every trade record that passes through its DerivSERV engine for matching and confirming credit derivative trades electronically. About 80 percent of all credit default swaps are matched and confirmed through DerivSERV. And another major utility, SwapsWire, now has 15 dealers and 30 interdealer brokers using its electronic confirmation service for equity derivatives.

In other developments, the Financial products Markup Language (FpML) -- an XML message standard for the over-the-counter derivatives industry -- is gaining traction as a universal language for derivative transactions. A novation protocol has been agreed upon for handling the reassignment of trades to new counterparties. And large broker-dealers and custodians, such as State Street, are rebuilding their derivatives processing platforms to accommodate new derivatives products.

Yet there's work to do before derivatives processing is completely automated. "Utilities like SwapsWire and DTCC are not keeping pace with the growth in new types of derivatives products coming out," says State Street SVP Neil Wright, who along with fellow SVP Kevin Sullivan was hired by the firm at the end of April to oversee ongoing development of its derivative-processing capabilities. For instance, while the DTCC addresses credit derivatives, commodity and equity derivatives are growing quickly and are not yet addressed by the DTCC's matching service or trade information warehouse, Wright notes.

Equity derivatives are likely to be the next area of focus. "Last September the Fed announced it will look at the equity derivative market, which is a very big, client-facing global market," Aite's Bailey says. "The industry expected this, and there's been a lot of cooperation among the dealers and ISDA working groups."

State Street's New Platform

One of the major difficulties with automating derivatives, State Street's Sullivan says, is handling the many data fields each contract requires. "In the exchange-traded securities world, you might have five pieces of data on equity trades or bond trades, and it's always the same five or six pieces of data. So you can build a system around that assumption," he explains. "But in the derivatives world you might have over 100 pieces of data from a universe of about 10,000 that can exist. It's difficult to build a framework that can handle new products as they emerge quickly because the number of fields that are available is so much greater."

Sullivan and Wright are building a new asset-servicing platform to provide middle- and back-office accounting. They're constructing a service-oriented architecture into which they will plug third-party software and proprietary tools. "There's no one product on the market that can meet the needs of an asset-servicing organization the size of State Street," Sullivan notes.

The framework will accept data feeds from DTCC and SwapsWire and validate trades via the DTCC's trade information warehouse. "The industry has accepted that the DTCC's trade data warehouse view of the trade is, in fact, what they call the golden copy," Wright says. "If there's any dispute, those are the terms of the transaction that both parties have agreed to."

The new platform will make heavy use of FpML. "It provides a single dictionary for the 10,000 fields that are used in derivatives," Sullivan says. "Because everybody understands what those 10,000 fields mean, the confusion that can occur is reduced." The initial rollout of the platform -- which will accept trades in any format and convert them to FpML -- later this summer will cover all products that use FpML today, Sullivan adds, noting that the firm will be able to service new types of derivatives products as soon as they can be represented by an FpML message.

DTCC Update

DTCC launched its trade data warehouse for credit derivatives in November; all trades matched in DerivSERV are stored there automatically. These records should ease post-trade contract maintenance and result in fewer disputes, according to Janet Wynn, managing director of DTCC. All parties reconcile with the warehouse rather than with multiple dealers, which helps with portfolio margining and risk management, she explains.

The next step for the trade information warehouse is "backloading" -- getting pre-November 2006 portfolios into the warehouse. "The largest firms have the bulk of the portfolios," says Wynn. The so-called Fed 14 (the 14 major broker-dealers the Fed asked in 2005 to reduce credit derivatives backlogs) have backloaded most of their contracts; others have started. "We expect to be backloading through early next year," Wynn says.

The trade information warehouse will help DTCC automate quarterly settlements processing, Wynn continues. Credit derivatives contracts have payment obligations every quarter. In February, DTCC began work on automatically calculating these payments for single names and index trades, which Wynn says is 85 percent of the market. "We're going through a long trial period where we're showing people what the calculations would be, and they're comparing them to their own risk calculations," she says, adding that in November DTCC plans to offer straight-through processing for these quarterly payments.

DTCC also is testing and hopes to roll out by summer's end a trade information warehouse feature that lets users record a credit event, such as a company's bankruptcy or merger. "Right now if there is a credit event, people have to notify each other that an event has happened and which contracts are subject to it," Wynn reports. "Using our system, people will be able to flag an event and note which contracts are impacted." Not only would the noting of credit events help with calculating quarterly payments, it should help address the concern of regulators, such as the Fed, that the market may be ill-equipped to handle major credit events.

To use the new DTCC features, custodians and larger dealers are updating their systems. But, Wynn points out, small firms don't need to worry. "Folks that are small can just use spreadsheets for input and output," she says. "We're trying to work with them on getting an automated feed to their service provider."

Further down the road, the DTCC will work on automated processing and a warehouse for other types of derivatives, such as equity derivatives. "A small percentage of the equities market is confirmed electronically right now, so our focus at the moment is getting those transactions confirmed electronically," Wynn relates. "To drive forward automation here, we have to get a lot of participation from the buy side and across hundreds of second- and third-tier banks, because every bank in the world uses interest rate derivatives for asset/liability management."

Publish Date: Jun 18, 2007
Source URL: http://www.wallstreetandtech.com/showArticle.jhtml?articleID=199903414

PolarLake releases OTC derivatives trade lifecycle package

PolarLake has today launched a fully packaged over-the-counter derivatives trade lifecycle solution.

The solution is ideal for sell-side, buy-side, custodians and fund administrators.

Features of the solution are:

• ISDA compatible portfolio reconciliation, matching and reporting service, including out of the box reports for business users
• Support for FpML 4.2 & 4.3 standards
• Out of the box FpML semantic validation of the business meaning of trade data
• Ability to take inputs in any format (Excel, pdf, CSV, XML, etc.)
• Out of the box BPM support for trade lifecycle and exception management
• Data Analyst driven user desktop for configuring business rules
• Support for all derivative classes
• Out of the box integration with WS-CDL for choreography of trade flows
• Integration platform for connecting to SwapsWire, T-Zero, DTCC
• Easy integration solution for FpML onto SWIFTNet
• Business rules defined in open standards rule language XQuery

The key benefits to financial institutions of adopting PolarLake's OTC derivatives trade lifecycle solution are:

• Decreased costs and lower operational risk through automation of existing manual portfolio reconciliation processes
• Increased revenue through tailored, differentiated OTC derivatives trade services to clients
• Lower cost of integration over traditional coding of transformations
• Lower cost of maintenance based on PolarLake's ability to manage the complexity of FpML in an intuitive data centric manner
• Quicker on-boarding of new services such as SwapsWire and T-Zero

Commenting on the release, PolarLake CEO John Randles said, "PolarLake has been involved in the integration, reconciliation and process management of FpML based trades for many years. Our core platform is more suited to this problem than any other on the market due to our patented XML pipelining technology. And, with our experience in many implementations with companies like JPMorgan, Société Générale, Pioneer Investments and Dimensional Fund Advisors, we have been able to package a complete integration, reconciliation, matching and BPM solution for the OTC Derivatives market. Companies new to these asset classes are looking for solutions, not a series of technical problems. Companies already working with these asset classes are well aware of the technical and operational problems, currently addressed by expensive manual processes. These are problems we have already solved."

Publish date:July 23, 2007

Source URL:http://www.finextra.com/fullpr.asp?id=16240