Fortis Choses City Networks Reconciliation Solution
Fortis Clearing, a wholly owned subsidiary of Fortis Bank, is to implement City Networks CityNet Enterprise Reconciliation (Insight) product. Fortis Clearing will employ Insight to reconcile its open positions, open trades, open trade equity and option market value in the company’s London office. Fortis Clearing expects to reconcile over 150,000 internal records, and a similar number of exchange records each day, with the Euronext.LIFFE and Eurex exchanges. Once reconciliations with other exchanges have been automated the company expects daily reconciliation volumes to exceed 500,000 records. As well as the benefits of increased automation and standardised reconciliation, Fortis Clearing will also receive improved exception reporting and a number of user functionalities, including access to audit control and management capabilities.