London / New York, 31 January 2024 – FIA Tech, a leading futures industry technology provider, and eClerx, a market leader in business process management, today announced they have launched an integrated global client operations team to monitor trades and allocations being processed on FIA Tech’s Trade Data Network (TDN). The jointly staffed team is designed to support and augment clients’ own operations teams to identify trade breaks and other risk events as they occur, instead of on T+1, as is commonplace across the industry today. This service, a combination of automated exception management and 24 x 5 global operations support, will be available for all TDN brokers and clients at no additional cost.
With the new, end-to-end transparency provided by TDN – from execution, across the clearinghouse, into the back offices of the buy and sell side participants, new opportunities have been created to eliminate breaks, identify their origins and reduce risk in real time. The integrated FIA Tech and eClerx operations capabilities will form a global TDN Client Operations team that leverages this enhanced transparency to proactively raise the most critical problems to client and broker operations teams for their resolution of the underlying problems.
Combining the technology of the TDN platform and operations capabilities allows each client to prioritise their most critical operational risks for focused attention and monitoring, protecting against the types of operational breaks which can give rise to financial losses or compliance risks. On an ongoing basis, the team will also highlight and resolve static data issues resulting from incomplete account setups, product data issues or other technical problems introduced along the trade lifecycle by any of the numerous systems and participants involved in a typical ETD post-trade process.
Over time, clients’ operations teams and their fund administrators will benefit from the improved data and intelligent automation, such that in the future, most operations breaks will be eliminated and those which remain will benefit from highly automated resolutions initiated by TDN Client Operations .
Nick Solinger, President and CEO of FIA Tech, said: “This joint partnership is a game changer for improving operational efficiency. TDN clients and our operations team can now see each trade across the lifecycle, so we can see where the problems are created and who is best placed to fix it. Working with the deep expertise at eClerx, we can augment our clients’ operations teams to make a significant difference.”
John Flowers, Managing Principal at eClerx, said: “As a leading provider of operations for the derivative markets, we are delighted to expand our partnership with FIA Tech in this manner. Every day our teams are improving STP rates and controls for our clients through effective exception identification and resolution. To be assisting TDN’s clients at the industry level is a logical next step”.
About FIA Tech
FIA Tech is the leading technology provider to the exchange traded derivatives industry. Owned by a consortium of twelve leading clearing firms and the Futures Industry Association (FIA), FIA Tech is committed to serving the industry and launching innovative solutions to improve market infrastructure across the listed and cleared derivatives industry. FIA Tech works in close partnership with the broader industry, including exchanges, clearinghouses, clearing firms and other intermediaries, as well as independent software vendors, buyside firms and end users to bring efficiency to the exchange traded and cleared derivatives industry.
eClerx provides business process management, automation, and analytics services to a number of Fortune 2000 enterprises, including some of the world’s leading financial services, communications, retail, fashion, media entertainment, manufacturing, travel, leisure, and technology companies. Incorporated in 2000, eClerx is today traded on both the Bombay and National Stock Exchanges of India. The firm employs 16,800+ people across Australia, Canada, France, Germany, India, Italy, Netherlands, Philippines, Singapore, Thailand, the UK, and the USA. For more information, visit www.eclerx.com.
About the Trade Data Network Initiative
The Trade Data Network (TDN) is an industry initiative that provides a shared ledger of trading information to address the fragmentation and lack of transparency in exchange -traded derivatives (ETD) post-trade processing. The TDN initiative currently includes 17 banks/brokers and 40 investment managers and hedge funds with combined assets under management of over $37 trillion.
The initial rollout of TDN is focused on allocations processing and trade confirmations, with trade lifecycle transparency across the multiple brokers and the clearinghouse on each trade. Additional features include benchmarking, metrics tracking and reporting to drive best practices across the ecosystem. The initiative is also designed to drive value for the independent software vendor (ISV) community by reducing complexity in delivering services to clients.
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