South African Firm Employs City Networks for Confirmation Messaging
SA International & Capital Market Brokers, a wholly owned subsidiary of MICROmega Holdings Limited, a public company listed on the Johannesburg Stock Exchange, has selected City Networks’ CityNet Broker Gateway for the confirmation system provided to its customers. SA International & Capital Market Brokers is to implement the solution across its South African operations. CityNet Broker Gateway automates the construction and transmission of confirmation messages to banks and financial institutions. At SA International & Capital Market Brokers, CityNet Broker Gateway will accept deal details for foreign exchange, repo products, spot and forward, and interest rate derivatives, creating an electronic confirmation message to the recognised Automated Confirmation Service (ACS) standard. Currently SA International & Capital Market Brokers use a system developed in house to send confirmations via email and fax.