Thunderhead was selected by UBS following a competitive tender and detailed proof-of-concept process and will support UBSâ global trade confirmation requirements.
The adoption of Thunderhead has enabled UBS to implement direct business user control across the development and maintenance of trade confirmations for a large variety of products, requiring either STP or non-STP business processes. Confirmations that require manual intervention are routed through required approval processes using Thunderheadâs Review Framework, which has been integrated with UBSâ existing workflow application.
In addition, the Thunderhead solution provides a full audit trail to ensure complete transparency of the trade confirm process. Thunderheadâs advanced personalisation capabilities also allow Operations staff to produce documents with content relevant to their counterpartyâs language and jurisdiction requirements.
âThunderhead has proven to be a high quality component for document generation and does exactly what we expect and demand of it,â said Gerry Murphy, Executive Director - Head of OTC Operations IT at UBS.
Glen Manchester, Thunderheadâs CEO, commented, âThe ability to quickly and accurately manage trade confirmations is critical to the operations of an organisation such as UBS. As the volume and complexity of Foreign Exchange trades increases, the benefits of implementing a proven document generation platform to handle the trade confirmations will enable UBS to retain its competitive edge while expanding its business into new markets. The ability of Thunderhead to automate the full spectrum of trade confirmations brings immediate business advantage through the reduction of the usual costs associated with manual document creation and management of exceptions.â