AIBD, CEDEL, EUROCLEAR JOIN IN TRADE MATCH SYSTEM
The Association of International Bond
Dealers, AIBD, said it will cooperate with major clearing
agencies Cedel and Euroclear on a eurobond trade confirmation
and matching system to come into force by September this year.
    The system, designed to give market participants a fast and
reliable way of checking whether transactions are matched, will
initially cover reporting of confirmed and mismatched trades.
    It will include recording additional trade data, checking,
comparison and matching any new elements but will only apply
initially to delivery against payment transactions, AIBD said.
    The AIBD said in a statement it would be responsible for
developing suitable rules to back up the two clearing systems
when they introduce their new matching matching facilities and
confirmation systems by September this year.
    Euroclear and Cedel intend to bring a "trade date-plus-one"
matching capacity, reporting on a given day on trades entered
by 1000 London time, designed to work with a planned AIBD rule
requiring the entry of previous day's trades by that time.
    The confirmation system covering critical trade data is
designed to aid the trader and the settlements department and
also reduce trading risks in volatile markets, AIBD said.
 Reuter
