The bank serves a range of institutional clients, mutual funds and insurance companies. It wanted to replace a geographically oriented middle and back office environment of order management, confirmations, cash forecasting, settlement, fund accounting and reconciliation systems that were duplicated across asset classes and offices. This had led to different procedures and systems being used depending on where a trade was executed.
It selected SmartStreamâs TLM Trade Process Management to deliver a single, global platform capable of processing equities and bonds in a consistent and coordinated manner. The TLM solution captures the trade from point of execution creating a T+0 confirmation via either a virtual matching utility or local matching where required.
To reduce operational risk and cost and to ensure the bank meets internal and customer SLAs and market deadlines, TLM Trade Process Management delivers cross-asset, pre-emptive exception management and alerting. It will support industry standards including Markit Wire, DTCC Deriv/SERV, Omgeo CTM and FpML over SWIFTNet.
TLM Trade Process Management also provides a flexible platform for future development due to an agile design that enables processes to be easily adapted and extended to cover new transaction types such as FX and MM, listed futures and OTC derivatives.
Christian Schiebl, Regional Director, Europe, SmartStream Technologies, stated: âThe middle and back performs a critical control function. However with a mixture of legacy systems and manual processes they are unable to keep pace with the front officeâs ambitions. Further, with rising transaction volumes, these processes introduce unnecessary risk and cost. Using TLM Trade Process Management to replace a variety of systems and processes, this leading European bank has created a single, scalable processing platform that can be shared by a global operation to significantly increase its post-trade processing efficiency.â