Thunderhead Empowers SWIFT Members to Streamline Trade Confirmation Processing and Execute Electronic Trade Matching

London and New York (18 September, 2007)

Thunderhead, the leading provider of enterprise communications solutions, has announced that it has signed a partnership agreement  with the Society for Worldwide Interbank Financial Telecommunication (SWIFT) to automate OTC derivative post-trade processing using FpML (Financial products Markup Language) messages transported over SWIFTNet, SWIFT’s IP-based messaging platform.

Thunderhead’s ability to generate FpML output, combined with its out-of-the-box support for DTCC’s Deriv/SERV’s OTC derivatives electronic matching service and Trade Information Warehouse, enables SWIFT members to dramatically simplify the process of generating electronic trade confirmations and accomplish automated trade matching. Thunderhead’s XML adapter for Deriv/SERV provides a wizard-based interface that allows users to quickly define and generate accurate FpML messages for delivery across the SWIFT network without lengthy development cycles.

The FpML initiative strengthens SWIFT’s goal of helping members improve operational productivity and reduce risk in the post-trade OTC derivatives market. By offering investment banks the ability to use FpML messages across SWIFTNet, the community will be able to more efficiently manage the rapidly growing volumes in the OTC derivatives market.

“The need to streamline the trade confirmation process and reduce operational risk across a vast spectrum of asset classes is increasing dramatically,” said 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.”

“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,” said Glen Manchester, CEO of Thunderhead.