LONDON, October 24 /PRNewswire/ --
Northern Trust has become one of the first asset servicers to adopt the Financial Product Mark-up Language (FpML) messaging format in processing over the counter (OTC) derivative trades. As part of Northern Trust's move towards increasing automation and straight through processing (STP) in OTC derivative trade processing, this format can be used for Northern Trust's clients across the globe.
FpML is a messaging format which automates the flow of information between an asset servicer like Northern Trust and its clients and operates independently of any underlying software or hardware infrastructure pertaining to derivative trades.
The format enables us to accept and deliver new trade messages electronically and in a standard, replicated way, explains Stephen Andress, global head of derivatives processing at Northern Trust. This increases automation and means that we can process trades faster and with increased accuracy.
Northern Trust is able to use the FpML standard for all its clients -- asset managers and asset owners -- requiring OTC trade capture, and has already implemented the system for a high-profile investment manager client.
Says Mr. Andress: We are investing for the long-term in both people and technology in this area of our business, and are actively pursuing ways to reduce manual processing and facilitate STP. This new messaging format is just one of the initiatives we have implemented in our move towards delivering a fully automated solution to our clients.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 15 locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2008, Northern Trust had assets under custody of US$3.5 trillion, and assets under investment management of US$652.4 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.
Where Northern Trust's UK entities undertake regulated business, they are authorised and regulated in the United Kingdom by the Financial Services Authority.
Web site: http://www.northerntrust.com
EMEA Asia Pacific, Camilla Greene, +44-(0)20-7982-2176, cg81@ntrs.com, or US Canada, John O'Connell, +1-312-444-2388, jo45@ntrs.com, or Kathleen Fitzgerald, +1-312-444-3094, kdf2@ntrs.com, all of Northern Trust
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