Multi-Bank Group Aims for Client Enablement Standardization

BNP Paribas, Commerzbank, Credit Suisse, JPMorgan, Goldman Sachs, RBS, Société Générale and others are component members of TESI, which is being supported by ETrading Software. TESI's first task will be to tackle the movement of swaps trading to electronic platforms under various regulatory mandates.

"While the trading flows in electronic markets have been automated for some time now, the processes for enabling clients have remained highly manual," says Simon Maisey, global head of rates e-commerce at JP Morgan. "The adoption of automation standards by the industry will allow for the improvement of client service, controls and efficiency. This development is particularly timely given the increased regulatory demands on electronic trading infrastructure"

The approach is similar to a previous standardization effort by a sell-side consortium, the Fixed-Income Connectivity Working Group, which successfully tackled connectivity concerns with electronic platforms.