Synergy from AccessFintach, the fintech, has launched Settlement Netting, which aims to improve operational efficiency in the fixed income markets. Synergy by AccessFintech captures data from a wide range of asset classes, including securities, derivatives, alternatives, and payments, enabling data transformations across network participants.
J.P. Morgan and Citi were instrumental in the establishment of the service, with J.P. Morgan contributing to the use case and both Citi and J.P. Morgan providing input and refinement for the solution. An industry working group with key repo market participants has helped with the design of the common data model, market structure considerations, and operational workflow. Initially piloting its netting programme in the EUR15trn EMEA repo market, Synergy’s AI-driven insights and data model centrally matches transaction details across trading counterparties, removes the operationally burdensome spreadsheets currently used to calculate netting obligations, and promotes secure counterparty communication through structured queries via API or UI.