In addition, the DTCC, Synechron and Cityfront Group have FinTech news to share.
GMEX and Colt to Support MiFID II Trading Venues
GMEX Technologies Ltd (GMEX), a subsidiary of GMEX Group and vendor of multi-asset exchange and post-trade technology is partnering with Colt Technology Services to offer what it calls “the GMEX Exchange-in-a-Box” via the Colt PrizmNet financial extranet, officials say.
“GMEX Exchange-in-a-Box is a multi-asset, multi-language hybrid voice and electronic trading platform providing both execution and surveillance capability for investment banks, brokers and trading venues,” say GMEX officials. “Addressing the growing demand from market participants to segregate or create their own matching systems, the solution delivers Central Limit Order Book (CLOB) and Request for Quote (RFQ) capability, alongside the latest central counterparty (CCP) and central securities depository (CSD) market infrastructure.”
The exchange-in-a-box offering supports many trading venues such as the recognized investment exchanges (RIE); regulated markets (RM); multilateral trading facilities (MTF); organized trading facilities (OTF); systematic internalisers (SI); and swap execution facilities (SEF). The GMEX Exchange-in-a-Box helps trading venues comply with global and local financial regulations including MiFID II, European Market Infrastructure Regulation (EMIR) and Dodd Frank, officials say.
The Colt PrizmNet is a fully managed, locally deployed or Software-as-a-Service (SaaS) solution that links more than 10,000 market participants’ sites, officials say. “We are delighted to be partnering with GMEX and are perfectly positioned to support the requirements of GMEX Exchange-in-a-Box users, to quickly and seamlessly tap into liquidity sources,” says Andrew Housden, a vice president, capital markets at Colt, in a statement.
DTCC Launches ‘Exception Manager’
The DTCC, a post-trade market infrastructure provider, is launching the DTCC Exception Manager, an addition to the Institutional Trade Processing product suite.
The new offering helps market participants “publish, manage and communicate exceptions throughout the trade lifecycle, and supports all securities transactions globally,” officials say.
The DTCC Exception Manager establishes “a central online industry platform that provides a single view of all post-trade exceptions, analytics to help identify the root cause of operational breaks and the ability to solve problems at the source, such as incorrect standing settlement instructions (SSIs),” officials say.
The service also features a risk dashboard to track exceptions via risk criteria with drill-down capabilities and customizable views, and work assignment and collaboration capabilities for the resolution between trade support and pre-settlement groups via secure communications, audit trails and reports, officials say.
“DTCC developed the exception and workflow management service at the request of client feedback for an industry platform to aggregate and better manage these events across multiple parties,” say DTCC officials. “Policy-makers and regulators are increasingly focused on improving settlement efficiency. It is estimated that a global failure rate of 2 percent translates into costs and losses up to $3 billion.”
“Post-trade exception processing often creates operational risk and a significant amount of inefficiency for all parties to a trade,” says Matthew Stauffer, managing director and head of Institutional Trade Processing at DTCC, in a statement. “Trade data needs to be consumed and processed from many disparate systems, including matching engines, trading counterparties, settlement entities and market infrastructure providers — and the related communications, which are predominantly emails, are overwhelming, cumbersome to manage and introduce risk.”
The DTCC Exception Manager is targeted at all parties involved in the trade lifecycle, including buy-side firms, outsourcers, broker/dealers, custodians, prime brokers, clearing brokers and other settlement agents.
Synechron Completes Integration of Cityfront Group
Synechron, a financial services consulting and technology services provider, has completed its integration of Cityfront Group, a systems integrator for enterprise capital market platforms that Synechron acquired in 2016.
The combination with Cityfront, which helps firms implement systems from Murex, Calypso and Summit, is intended to improve Synechron’s “global systems integration business, offering the market a unique combination of end-to-end services including business and technology services consulting and systems integration,” officials say. In fact, Synechron is “one of the largest Murex systems integrators in North America, with over 25 consultants working throughout the U.S. and Canada,” officials say.
“Synechron has experienced rapid growth over the last few years, and their remarkable credentials and global reach made them the obvious choice to partner with,” says Cityfront co-founder Jamie Gallagher in a statement. “Cityfront’s unique systems integration knowledge make us a natural partner for Synechron, and fully integrating with Synechron allows us to provide clients with an even more compelling proposition.”
Cityfront co-founder Johann Doassans says “that with the added power of Synechron’s consulting and offshoring capabilities, we will be able to serve clients with a more robust offering with agility and experience at a global scale.”
Synechron serves the financial services industry via digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000+ employees, and $500 million-plus in annual revenue.