In other FinTech news, OSMO Partners is working with Watson Wheatley, Genesis and OpenFin are collaborating, and the DTCC’s GTR and Xceptor are targeting SFTR.
Corvil to Help FlexTrade Users Optimize Executions
FlexTrade, a multi-asset execution and order management systems (OMS) vendor, is using Corvil Analytics as a way to improve client performance across FlexTrade’s trading solutions, officials say.
The combination will enable FlexTrade to provide clients with Corvil’s machine-time analytics, which allows FlexTrade to identify areas for optimization that can be investigated and resolved, officials say. The data from Corvil will help FlexTrade users to “finesse client execution” and create a foundation for customer and trade transaction business intelligence.
Dedicated to enabling clients to perform optimally on each trade and achieve best execution, FlexTrade offers an integrated array of cutting-edge, trading solutions across a complex and highly customized environment. With a rapidly expanding range of proprietary algorithms and connectivity to market venues, brokers, and liquidity providers, FlexTrade sought to bolster its operations to gain greater visibility and analysis of client and infrastructure performance.
“Corvil enables us to proactively profile our network and reduce incident diagnosis from days to minutes or hours, thus ensuring our resources remain focused on customer performance,” says Vishal Pandya, chief operating officer (COO) for FlexTrade, in a statement. “Corvil is providing time savings and productivity improvements, as well as the analytics required to further enhance architectures for our customers.”
Corvil’s streaming analytics platform “captures, decodes, and learns from network data on the fly, transforming it into machine-time intelligence for network, IT, security and business teams to operate efficiently and securely in this new machine world,” according to Corvil.
OSMO to Deploy iRecs from Watson Wheatley
Watson Wheatley, a London-headquartered securities reconciliation software specialist, reports an agreement with OSMO Partners, also London-based provider of outsourced front, middle and back office services.
Watson Wheatley’s iRecs system will be deployed by OSMO to “bring a best practice reconciliation approach and a highly automated process to their growing client base,” Watson Wheatley says in a statement.
Its iRecs will “provide daily trades, positions, cash and balance reconciliation along with NAV, balance sheet and EMIR/DTCC reconciliations, per the statement, which notes that iRecs reporting also will be used to “streamline operational processes and keep a tight audit trail on any breaks or issues raised.”
Watson Wheatley Financial Systems characterizes itself as a “reconciliation system vendor with worldwide clients including hedge funds, long-only asset managers and commodities traders. Its principal products are iRecs, Importer and ‘Reconciliation as a Service’.”
OSMO Partners, which spotlights its buy-side experience, notes that it provides outsourced front, middle and back office services to securities firms “covering the complete lifecycle of a trade from execution through to settlement.”
Genesis Partners with OpenFin
Genesis, an international capital markets software provider, and OpenFin, a specialist in application interoperability, report entering into a partnership, intended to “provide clients with scalable and interoperable technology and desktop solutions.”
Genesis provides a “microservices technology framework designed specifically for the world of capital markets, to address the digitization challenges participants face as they look to meet the growing demand for smarter, end-to-end workflows and real-time insights. The framework enables fast and agile software development by breaking down the problem into small components of functionality, while ensuring the data used is consistent in real-time.”
Genesis’s statement contrasts the services it provides with “legacy systems that require whole platforms to be re-engineered.”
OpenFin notes that it is “used by banks, asset managers, hedge funds and brokers globally to power their digital transformation strategies by securely deploying interoperable financial applications directly onto permissioned desktops. Licensed to more than 175,000 desktops, the OpenFin OS is now being used to deploy more than 1,000 applications to more than 1,500 major banks and buy-side firms, across 60+ countries.”
DTCC to Offer Xceptor’s Features via GTR
DTCC a post-trade market infrastructure for the financial services industry, reports that it has partnered with Xceptor, a London-based specialist in data-centric intelligent automation software, to “enable clients to leverage Xceptor’s data transformation capabilities within DTCC’s Global Trade Repository (GTR) for Securities Financing Transactions Regulation (SFTR).”
The partnership is intended to “lessen firms’ operational burden by enabling them to enrich, normalize and validate data before submitting it to a trade repository. Firms will be able to enrich reporting with both internal and external reference data, manage exceptions leveraging native workflows, and benefit from real-time gap analysis and testing.”
The European Union’s securities financing transaction regulation (SFTR) “places a huge importance on data quality and, with low reporting tolerances, the self-serving capabilities of the DTCC service, powered by Xceptor, will enable firms to get their data into shape while also being able to use existing trade file formats,” Andrew Kouloumbrides, Xceptor’s CEO, says in a statement. “End-of-day books and records reconciliation is also native to the new service ensuring that clients have full transparency of their submissions.”