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FEATURES >>> providing as much forewarning as possible of potential bottlenecks. “Another way we have been addressing these choke points in the STP model is by using standard protocols, such as FIX and FpML, as much as possible, both in the interaction with third parties and trading locations and within the application, to process the flow of transactions.” Gosling says that the endgame is to be able to process increased volumes with no increase in processing cost, or in an ideal world, to reduce these costs. Therefore the focus is on removing cost from the lifecycle of over the counter instruments and typically a lot of the cost still resides in the middle and back office. “Firms are looking to cope with known growth, and the scalability to cope with unpredicted future growth, and equate that back to cost per trade calculations so there is a clear case to management for return on investment,” he says. Improvements to STP Paul Hodgson, product manager, Front Arena SunGard, says that big improvements have been made in the use of the single confirmation of trades between customer and bank for the more vanilla derivatives enabling traders to negotiate more exotic trades individually. However, he adds, the most significant improvements in relation to STP efficiency has been in the front-end systems, as these ensure consistency of data from the point of negation by getting data entry from the customer/counterparty. Hodgson says this is the single most effective tool in the reduction of 'fails' and the improvement in STP rates. “Many technological advances have helped here. However they have not completely alleviated the situation, there are still many components of the pricing process which involve data that is protected or restricted in its distribution to the broader market. Particularly in relation to OTC derivatives where the more complex models may need data derived from very sophisticated analyses in what many consider proprietary systems that are their ‘market edge’,” he says. Hodgson believes that ‘choke-points' will always exist in any trading environment but as long as the number of variables used in the trade increase gradually, and systems provide an STP framework whilst also allowing new instruments to be rapidly exposed to the end investor, it will ease the processes from its initiation. However, he says that as increased volumes drive down spreads, and make it more viable for more dynamic hedging of derivative trades for traders and 62 | january 2010 e-FOREX Paul Hodgson “The pressure to reduce costs is only sustainable if organisations can rely on processing solutions that deliver in a consistent and scalable way implementing STP and exception-based processing concepts.” investors alike, the systems supporting the activity have to improve STP to reduce the cost per ticket to ensure that increased overall transaction fees do not consume savings in the market spreads. Processing solutions Hodgson says: “The pressure to reduce costs is only sustainable if organisations can rely on processing solutions that deliver in a consistent and scalable way implementing STP and exception-based processing concepts.” Paul Moffat, operations product manager, Front Arena SunGard adds that the key to this is to ensure that the modelling of vanilla, and new, more structured products, follows a paradigm that allows for powerful extensibility, without ‘breaking’ existing processes or products. He says: “In the processing area, technology is key to ensuring that the complex models mentioned above can be ‘broken down’ into their processing components – settlement, confirmation, and accounting – for both the original transaction, and the ongoing lifecycle events that will occur. Systems that deliver processes that can handle these events in a generic way will deliver significant cost savings and risk reductions.”
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