Refinitiv (‘Refinitiv’), an LSEG business, one of the world’s largest providers of financial markets data and infrastructure, has signed a partnership agreement with Eiger Trading Advisors Limited (‘Eiger’), a leading financial technology company specialising in commodity Murabaha trade facilitation and execution services, to support the fully automated end-to-end post-trade workflow for Islamic money market transactions using its proprietary platform the Islamic Deal Connect (IDC).
Islamic Deal Connect (IDC) provides global money market participants with post-trade workflow automation capabilities and uses straight through processing while automating system integration capability between multiple counterparties to support the end-to-end process of Islamic Money Market transactions.
The partnership assists money-market participants to streamline the post-trade process of Islamic deals conducted through Refinitiv Conversational Dealing and integrate with Eiger within a single flexible STP environment all in one centralised system, minimising manual activities and operational risk.
For Refinitiv, the integration of the Eiger Trading Platform (ETP) and the IDC provides access to Sharia’a-compliant assets and trade structuring services which ensures seamless trade execution and post-trade automation.
“The new application is designed to seamlessly streamline the post-trade process of Islamic money markets transactions, under a single environment which eliminates manual processes and reduces operational risk,” said Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, a London Stock Exchange Group (LSEG) business.
The Eiger Trading Platform utilises world-class, market-leading financial technology to provide the Islamic financial market with real-time trading of Shariah-compliant physical commodities, via a secure digital platform and APIs which enable open-banking and digital transformation.
“Simplifying and automating the post-trade workflow for Sharia’a compliant transactions is a key focus for us to help support the needs of financial institutions and we are delighted to partner with Refinitiv in order to bring new innovation to this space,” said Eiger CEO Stephen Openshaw. “This is, we hope, the start of a successful relationship and this alliance further demonstrates Eiger’s continued commitment to being first in our peer group for process automation.”
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and 400,000 end users across 190 countries, Refinitiv is powering participants across the global financial marketplace. We provide information, insights, and technology that enable customers to execute critical investing, trading and risk decisions with confidence. By combining a unique open platform with best-in-class data and expertise, we connect people with choice and opportunity – driving performance, innovation and growth for our customers and partners.
For more information visit: www.refinitiv.com