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Management Strategies

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KBC Bank NV selects Sungard's intelliMATCH to reconcile securities items and related cash; SWIFT enters into an agreement with Financial Fusion and Global Crossing to offer a FIX hub messaging solution to the securities industry; The London Stock Exchange, London Clearing House and Euroclear sign a joint agreement to develop straight-through settlement.

KBC Bank NV, Belgium, has selected intelliMATCH from SunGard eProcess Intelligence, Livingston, N.J., for matching and reconciliation of securities items and related cash.

KBC will implement intelliMATCH in its head office in Brussels to reconcile cash and securities in its securities back office for both retail and capital markets transactions. KBC now has the ability to import SWIFT messages as well as its own files and can easily develop customized matching rules that support its unique business needs.

SunGard's exception processing solutions help improve straight-through processing rates by automating matching, reconciliation, research, and resolution of exceptional transactions.

"KBC chose intelliMATCH because it met most of our requirements for a best-of-breed matching solution," said Walter Mees, senior manager of the custody department at KBC. "We feel that the solution will be easily self-managed and self-supported with little intervention from SunGard eProcess Intelligence--another important factor in the decision to invest in intelliMATCH."


SWIFT has entered into an agreement with Financial Fusion, a Sybase company, and Global Crossing to offer a FIX hub messaging solution to the securities industry.

The SWIFTNet FIX hub solution will enable broker/dealers, investment managers, exchanges and ECNs to connect to a single secure trading session with multiple counterparties. In addition, SWIFT will also support FIX point-to-point messaging via SWIFTNet.

Under the terms of the agreement, SWIFT will partner with Financial Fusion and Global Crossing to host a FIX hub on its SWIFTNet IP-based messaging platform. Financial Fusion will provide the software that will power the FIX hub. Testing and piloting of the solution will commence in the first quarter of 2002, with planned commercial roll-out by the second quarter of 2002.

"With this deal we can provide a framework for moving from multiple bilateral connections to a single, standardized connection with multiple counterparties," said Leonard H. Schrank, CEO, SWIFT. "As a result, the industry's automation and STP will increase."


The London Stock Exchange, London Clearing House (LCH) and Euroclear have signed a joint agreement to develop straight-through settlement in Euroclear for London Stock Exchange trades cleared by LCH.

The three organizations will be consulting with customers and users over the coming weeks and will launch the service in the second half of 2002. The new service will increase choice and competition for settlement services, and should help reduce costs for cross-border transactions. It will complement the existing service already offered by CRESTCo to London Stock Exchange members.

"All three parties share a common vision for an integrated, low-cost capital market in Europe," said Clara Furse, chief executive of the London Stock Exchange. "We are of the firm view that a relationship with Euroclear should make access to the Exchange more attractive for a larger number of non-UK member firms. We strongly believe that trading counterparties must have a choice in settlement location for their stock exchange trades. We also want to encourage transparent and fair competition, and horizontal consolidation among service providers."

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