Excellence in Risk Exposure Mitigation

EFETnet Central Matching Service has won the Excellence in Risk Mitigation award at the 2012 Commodity Business Awards. The Central Matching Service (CMS) implemented in September 2011 centralised confirmation matching for 17 organisations, resulting not only in reduced risk through the simplification of processes but also immediate cost savings for end users. Since go live, the number of user organisations has almost doubled, including organisations new to electronic confirmation matching, who are taking advantage of the simplified process the CMS offers.

EFETnet has continued to extend functionality to support electronic confirmation matching and is extending the CMS to provide additional new services. Since March 2012 the CMS has provided a connection to the Depository Trust & Clearing Corporation (DTCC) OTC Derivatives Regulators Forum (ODRF) repository, and will go live in January 2013 with full Dodd-Frank reporting capabilities in line with the commodities compliance date.

In July 2012 the CMS went live with a standardised interface into clearing, the EFET eXchange Related Process (eXRP) standard - providing a standardised interface into clearing, allowing simplified straight through processing and true choice in execution venues.

Voters in this category were suitably impressed, choosing EFETnet among strong contenders. The judging panel agreed, rewarding EFETnet with the Commodity Business Award for Excellence in Risk Exposure Mitigation for 2012.

The award was presented to Hugh Brunswick, Managing Director, EFETnet and Liam Dunne, Managing Director, CommodityNet, by celebrated British comedian Alun Cochrane.