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Formicary Achieves LCH.Clearnet SwapClear CCP2 CERTIFICATION

LONDON, January 29, 2014 /PRNewswire/ --

Formicary Limited, a niche provider of consultancy and integration software to the financial services industry, is now a qualified partner in the SwapClear Consultancy Certification Program (CCP2).

Formicary has been engaged with LCH.Clearnet for over five years, initially providing technical assistance with SwapClear's successful handling of the Lehman Brothers default. The technology consultancy has since played an integral role in several initiatives at LCH.Clearnet, including the development of the ClearLink trade interface and various member-facing applications, such as tools for margin simulation and collateral management.

Formicary's Clearing Group has helped a number of organisations to attain SwapClear membership and has enabled others to integrate their derivatives trading systems with SwapClear processes. Formicary's knowledge of SwapClear business practices and technology enables it to provide both existing and prospective members with efficient working solutions which comply with CCP membership requirements.  Services include onboarding new members, design and implementation of default management procedures, margin replication, reporting and reconciliation automation, and trading and risk systems integration. These services and Formicary's DMP solutions provide Formicary's clients with a solid foundation and the ability to grow in line with new service offerings from LCH.Clearnet and changing industry regulation.

"Getting the technology implementation right is vital in this ever-changing OTC trading environment", says Dee Dervish, director at Formicary. "Attaining formal CCP2 membership demonstrates both our experience and our commitment to offering SwapClear members first-class technology integration solutions, enabling them to concentrate on their business while minimising the technology burden of increasing regulation.

"As a CCP2 partner, we are well positioned to put our specific technical integration skills, clearing knowledge and experience at the service of LCH.Clearnet SwapClear members and end users, helping them to minimise the costs of LCH.Clearnet membership."


About Formicary

Formicary is a niche IT consultancy specialising in systems integration for the financial services sector. Since inception 12 years ago, it has specialised in delivering integrated technology solutions that streamline business processes in the front, middle and back office for clients across the industry - from tier one investment banks to hedge funds and fund administrators.

Formicary's systems engineers and business analysts have industry experience covering trading and risk systems from proprietary applications to major third party system deployments.

Formicary is a Murex SI Business Partner, Calypso Business and Service Partner and an LCH.Clearnet CCP2 Certified Partner. Formicary Ltd has offices in London and New York servicing clients in Europe and North America.

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