30 April 2008 -- London, UK; New York, USA – GlobeOp Financial Services S.A. (“GlobeOp®”, LSE:GO.) has launched the first automated buy-side payment matching link to the Depository Trust & Clearing Corporation’s (DTCC’s) payment reconciliation service for over-the-counter (OTC) credit default swaps (CDS). The service is offered through DTCC’s Deriv/SERV LLC subsidiary. GlobeOp’s proprietary electronic link - GoPayments™ - increases process automation, which helps to significantly increase efficiency while reducing credit derivative traders’ operational risk associated with manual payment matching.

Traditionally, CDS trades require bilateral reconciliation involving a significant number of manual operations. The absence of industry standards for payment request reconciliation, combined with the continued volume growth of OTC derivative trading, places considerable pressure on payment processing speed and reliability.

According to ISDA operations benchmarking statistics released April 16th, credit derivatives remain the fastest growing class of OTC derivatives at 73 per cent by volume over the past year. ...   more »