See how a leading global exchange automated reconciliation and control processes and reduced the time taken to onboard new controls by 97%: Watch the video case study:
Exchange traded derivatives reconciliation: Complex, and costly
Remaining competitive in leading exchanges requires competitive technology. One Chief Information Officer at a global clearing house had concerns about the volume of manual processes in the exchange traded derivatives space at his firm. Managing exchange traded derivatives is complex, involving wide data attributes, internal interfaces and exception management, and can be extremely time consuming. It is an area in constant development, with exchange feeds changing at least twice a year if not quarterly. There are also EMIR reporting requirements for exchange traded derivatives to contend with as well.
A legacy reconciliations system putting everything on the line
The CIO’s established legacy system was struggling to cope with the volume and complexity of market data found in the modern exchange environment. Frequent system outages were creating growing reputational risk and exposing the firm to potentially catastrophic loss events. Significant internal IT resources were needed just to keep daily operations running. The system was also struggling to keep pace with changes in the exchange traded derivatives environment, with new controls taking, at best 30 days plus to onboard, sometimes much longer.
With competitive and new market access strangled, the CIO wanted a system which could match the speed and complexity of the business without breaking his team’s processes – or the bank.
From manual struggle to process automation
After an extensive Proof of Concept process, the CIO chose Clareti Transaction Control (CTC) to automate reconciliation processes which were slowing the firm down. With a real time, agile matching engine built to handle all complexities of data at high volumes, CTC reduced the time taken to onboard new controls by 97%, delivering a lower total cost of ownership and reducing time to market.
Now processing hundreds of millions transactions a day across over 85 global exchanges, CTC sits at the heart of the CIO’s back office operation, providing teams with powerful automated reconciliations and controls instead of manual workarounds. This ensures confidence and trust in data, controls and reporting and reduces risk and complexity across the exchange traded derivatives business.
To discover how automated reconciliation software can increase your efficiency and reduce your risk, contact our team below.