7 Mar 03: Syntegra to Boost SettleNet with Web Services Layer

Syntegra, the consulting and systems integration arm of BT PLC, plans to add a Web Services management layer to SettleNet, the IP-based network that links financial services firms in the U.K. Crest, the market’s depository.

By adding the Web Services management layer – a component of which will be XML-based messaging – Syntegra expects to enable SettleNet to offer a range of interactive and peer-to-peer services for the wholesale financial markets.

The project, one of the more ambitious yet to deploy Web Services technologies, will entail supplementing the existing SettleNet with BT’s Web Services Management Layer. The result will be a robust delivery network capable of handling in real time all aspects of the trade-processing lifecycle, including trade confirmation, clearing, agency reporting and settlement.

SettleNet, recently received accreditation to carry ISO 15022 messages. SettleNet’s more than 140 users, which include the U.K. and Irish registrar community, the majority of brokers as well as a number of custodians and investment banks, will now be able to take advantage of the industry-standard messaging format.

ISO 15022 enables the securities industry to communicate using a common messaging standard. In a move by CREST to embrace internationally recognised standards, it is offering ISO 15022 messaging to complement its proprietary DEX messaging, with a view to ultimately replacing it.

Syntegra's capability will provide the opportunity for SettleNET customers to deploy ISO 15022 messaging for UK settlement activities, reducing operational costs, increasing automation and alleviating risk.