HVB to Implement CityNet Conversation Checker in London Branch
Germany’s HVB Group has purchased City Networks’ CityNet Conversation Checker for implementation at its London branch. According to City Networks, the solution will verify 700 Reuters conversations a day, from several Reuters servers. The platform will aid STP by allowing automation and improved control of conversational dealing. The system automatically generates a deal ticket for trade conversations, whilst capturing and storing all conversations electronically. It also records all system actions and events, according to City Networks. Prior to purchasing the CityNet Conversation Checker solution, HVB Group UK employed an electronic repository for its Reuters deals and conversations. This allowed for the conversations to be stored but not automatically checked. John Bevil, from the FX and MM Settlements Department at Hypovereinsbank, commented: ‘The importance of a fully automated and audited conversation trail is a priority in improving the quality of our conversation deal process. The reduction in risk, manual effort, and duplicity of operations associated with installing the product is of utmost value in increasing our STP capabilities’.