INTERSEC

Easy communication using a common protocol - right across the market - is what the BESA system offers. It simplifies, automates and standardises the OTC market, allowing the trading community to trade, match, handle query resolution, and record reset information.

Intersec matches swaps and FRAs electronically, and automatically calculates net reset payments per counterparty on due dates, which are published on a reset advice. These resets are also matched and a payment advice is generated, which is archived.

Specific capabilities:

• handles incoming details of trades
• matches trades
• maintains a reset schedule
• generates a reset advice and calculates net payments

How it works

Users can see both unmatched and matched screens for incoming and outgoing deals, which allows them to identify trades booked against participants. Individual trade legs are matched based on economic and legal details, which are captured by the user as a single trade.
Once both parties have captured identical sets of information, the central matching engine activates and the trade is matched.
More about the system:

• provides a trade leg reference to allow each leg to match
• uses international business days
• matches the deals internally and stores them in a database
• does not allow automated trading
• allows the user to intervene manually to accept, query or reject a trade before matching. Users can identify problem areas in the matching process
  

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