Advisory Services and Project Delivery

For more than a decade, GreySpark has designed and managed RFP processes for banks and buyside firms for a wide range of front- and middle-office systems across Equities, Fixed Income and FX. GreySpark has honed this bank of knowledge into ready-made requirement sets for key systems used in the capital markets from trading platforms and surveillance systems to customer onboarding platforms. GreySpark provides clients with:

• Blend of Skills – Experts bringing decades of experience acquired by working for leading organisations, ensuring the delivery of innovative, pragmatic solutions.
• Leaning on Research & Strategy – A comprehensive view of industry trends and a detailed understanding of the vendor universe.
• Garnering Requirements – SMEs in place to garner technology and functional requirements and develop a target operating model and process maps.
• Templates and IP – Our years of experience of undertaking vendor selections and running RFIs and RFPs for clients have enabled us to leverage a raft of templates to use to significantly shorten the time taken to choose the optimal vendor.

GreySpark has developed a structure which helps clients design, document and formalise the governance framework around their trading venues with the following components:

• Trading Venue Inventory – Centralised inventory that consolidates all trading venues, marketplaces and connectivity to points used for pricing and execution. The inventory will include key metadata, such as business owner, venue type and legal entities, ensuring clear oversight and streamlined management.
• Governance Framework – Documentation that demonstrates the oversight and risk management practices for establishing and creating an inventory of on-venue trading activity.
• Venue Onboarding & Offboarding – Formalised process of approving, integrating and decommissioning trading venues. This includes risk assessments, due diligence, removal of access and documentation of rationale.
• Rulebook Compliance – The process of analysing, comparing and aligning the rules and obligations of a trading venue with a firm’s internal procedures and controls.

GreySpark has extensive experience conducting technology assessments and architecture design across capital markets. We combine deep functional and technical expertise with proven methodologies to evaluate current capabilities, design target architectures, and develop practical implementation roadmaps. GreySpark provides clients with:

• Current State Technology Assessment – Comprehensive evaluation of existing technology stack, identifying gaps, limitations and areas for improvement across business and operational workflows.
• Target Architecture Design – Define and implement flexible, business-aligned platform and architectural frameworks to support expanded business requirements and regulatory compliance.
• Business Requirements Analysis – Document and validate functional and non-functional requirements, as well as the limitations and constraints of target business and technology workflows.
• Implementation Roadmap Planning – Develop practical delivery strategies with recommended implementation phases, technology choices, and vendor evaluation frameworks tailored to specific business needs.

The Regulatory Health Check is a comprehensive, business-aligned assessment of a firm’s compliance posture against applicable regulatory frameworks, internal policies and control environments. This service moves beyond a prescriptive ‘tick-box’ approach to deliver a more strategic and functional evaluation aligned to the specific business operations and organisational context of the firm. The service can include a range of elements:

• Audits, Reviews, Health Checks & Quality Assurance
• MiFID II RTS 6 Risk Controls Self-Assessment (RCSA)
• Pre-Trade Risk Controls (PTRC) Assessments
• Model & Algo Risk Management
• SEC Market Access Rule 15c3-5 Compliance
• Market Abuse Risk Assessment
• SMCR Fitness & Probity
• AML & Cyber

GreySpark has an Operational Risk and Controls Practice with consultants and SMEs that have an intimate understanding of Operational Resilience processes and technologies, built from years of hands-on experience in banks and other financial institutions. The service spans five components, supported by continuous advisory guidance:

• Gap Analysis
• Remedial Planning
• Resource Augmentation
• Best Practice Governance Framework
• Digitisation and Partnerships

The Model Risk and Algorithmic Risk Management practice is designed to enhance risk management capabilities across the 1st and 2nd line of defence by embedding strategic oversight, domain expertise and delivery assurance throughout the model and algo risk maturity lifecycle. Our service spans three components:

• Benchmarking – GreySpark benchmarks banks’ current approaches to MRM against peer group’s practices and against regulatory requirements and expectations. The outcome of the exercise serves as an objective view to identify remediation actions to bring the Banks’ MRM lifecycle to maturity.
• Review and Drafting of Documentation – GreySpark supports banks to produce effective and robust documentation such as policies, processes and procedures for each line of defense.
• Support in Setting up MRM Tools – GreySpark builds the tools feeding into the MRM lifecycle, such as a decision tree and exclusion lists used in the Model Identification stage, tailored to the specific needs of the bank.

The Markets Supervision & Surveillance practice is designed to enhance holistic surveillance capabilities across the front office by embedding strategic oversight, domain expertise and delivery assurance throughout the surveillance transformation journey. The service spans four integrated components, supported by continuous advisory guidance:

• Benchmarking – Assessing current surveillance capabilities against peer expectations and target operating models.
• Vendor Selection – Providing advisory services to the client regarding available solution(s) in the market to meet their business requirements for a integrated surveillance platform.
• Data Management – Defining frameworks for data readiness, lineage, and controls to ensure accurate and trusted surveillance outcomes.
• Solution Deployment – Assisting clients in the implementation of a new surveillance offering.

GreySpark’s Managed Service is designed to provide financial institutions with continuous, expert-level support for their electronic trading environments. It combines proactive monitoring, incident response and ongoing optimisation to ensure resilience, performance and compliance across critical infrastructures. This service goes beyond traditional IT support by embedding industry expertise, addressing pain points unique to trading operations and delivering actionable insights that strengthen controls, reduce operational risk and free internal teams from the strain of 24/7 coverage.

To align with global over-the-counter (OTC) derivatives reporting standards, the Hong Kong Monetary Authority (HKMA) established 29 September 2025, as the implementation date for mandatory Unique Transaction Identifier (UTI) reporting under the Hong Kong Trade Repository (HKTR) rewrite. Meanwhile, jurisdictions such as Australia, Japan, the EU, the UK, and Singapore have required UTI reporting since 2024. GreySpark provides clients with two services:

• Resource Augmentation as a Service – Provides specialised external workforce solutions to enhance organisational capabilities and operational capacity for specific projects.
• Transformative Change Management and Project Management Services: Guides organisations through transitions with tailored strategies, stakeholder engagement, training and communication to ensure the successful adoption of changes. Manages the entire project lifecycle using proven methodologies to deliver projects on-time and within budget. Integrating both services helps organisations navigate change confidently and achieve sustainable growth.

GreySpark’s Electronic Trading Risk Management (ETRM) service is designed to help large financial institutions operate within the highly regulated world of capital markets. Our service portfolio offers a proven governance framework adaptable to any electronic trading business, seamlessly integrating across all lines of defence. Our advisory service always incorporates the latest thinking in risk management practices and delivers digital governance that will enhance light-of-sight through all three lines-of-defence. The service incorporates four elements:

• Governance Documentation
• Audits, Reviews, Health Checks and Quality Assurance
• GRC Systems Implementation and Progressive Digital Governance
• External Training on Algo and Model Risk Management

GreySpark has developed an electronic trading governance structure which encompasses all the relevant documentation that clients should be using as part of their Electronic Trading Risk Management (ETRM) practices:

• Electronic Trading Controls Register – Each algorithm will have a comprehensive inventory that details the control set up and underlying limits to demonstrate risk mitigation for each business risks.
• Governance Framework – Document that demonstrates the oversight of risk management practices, development, testing, approval, implementation and ongoing performance of algorithms.
• Playbook / Runbook – An instruction manual detailing how the algorithm works, the algorithm inputs, kill switch methods, business continuity plans (BCPs), and the workflow and methodology of changing limits.
• Algorithm Inventory – Centralised document that catalogues all algorithms that are used for trade pricing and execution. Metadata fields that are included, but are not limited to Algorithm Owner, Legal Entities, internally developed vs third-party etc.

GreySpark conducts comprehensive assessments of its client’s controls and processes versus regulatory requirements. We carry out analyses and technical due diligence of our client’s current vendor and undertake an RFP to select the optimal vendor for our client.

• Comprehensive Gap Analysis – Assess reporting processes, systems and data quality against DS-OL requirements, identifying gaps in accuracy, completeness, timeliness and consistency for compliance.
• Implementation Support and Remediation – Guidance and support to address identified gaps, including recommendations for system upgrades, process improvements, and data governance enhancements. This includes developing tailored technology solutions to align your firm’s reporting practices with the DS-OL standards and ensuring seamless integration with regulatory reporting systems.

GreySpark’s Digital Transformation service enables clients to remove manual processes in the 1^st and 2^nd lines of defence and replace them with automated collaborative workflows with centrally managed control centres. GreySpark recognises that many of our clients are at a different stages of digital maturity and we have developed our service with this in mind. GreySpark’s Digital Transformation Maturity Framework allows us to tailor our analyses and design more precisely for each of our clients.

GreySpark’s data function assists clients in managing their data and implementing analytical solutions that can solve strategic analytical data problems. This service is broken into six elements:

• Data Architecture
• Data Quality Assessment
• Data Strategy and Governance
• Process Automation
• Data Analysis and Modelling
• Data Governance Framework

Streamlining data preparation and leveraging a rule-based approach to promptly detect data anomalies and exceptions are key to implementation of the SFC’s Data Standards for Order Life Cycles (DS-OL) reporting framework. Our Hong Kong-based team of technical consultants helps clients to harness data for enhanced internal surveillance. With extensive experience implementing SFC-compliant data analytics platforms, we have developed deep expertise in navigating regulatory expectations related to the code-of-conduct including:

• ALP and short-sell activity assessments
• Market manipulation detection
• Best execution analysis
• Conflict of interest management
• Order prioritisation and oversight
• Pre-trade risk controls analysis

With a deep understanding of regulations, we continually assess cybersecurity frameworks and their alignment with current regulatory requirements. With more than a decade of experience working with traditional finance regulators, coupled with our risk, trading and operations technology change management expertise, allows us to bridge the Trad-Fi and New-Fi worlds. Our services include:

• Chief Information Security Officer-as-a-Service (CISOaaS) – Audit the current state of your organisation to assess your firm’s compliance with cybersecurity best practices. Assess the threat landscape and level of protection required. Manage your remediation and continual improvement programme.
• ISMS Design & Implementation – Design and deploy the Information Security Management System (ISMS) in accordance with the relevant international standards (e.g., ISO 27001:2022, SOC, NIST, CSA).
• Cybersecurity Controls Implementation – Provide you with comprehensive advice on bespoke cybersecurity architecture design, identify and address potential gaps and focus on implementation of targeted cybersecurity controls.

GreySpark has extensive experience developing customized COO risk dashboards across capital markets. We combine deep operational expertise with proven visualisation technologies to create centralised reporting platforms that automate data collection and provide real-time risk oversight. GreySpark provides clients with:

• Dashboard Design & Development – Custom risk dashboards with modern visualisation tools consolidate multiple data sources and unify reporting for executive oversight.
• Data Integration & Automation – Automated data collection processes, standardisation of reporting formats and integration of disparate systems to eliminate manual reporting procedures.
• User Experience & Interface Design – Intuitive dashboard interfaces with drill-down capabilities, customisable views and real-time alerting functionality tailored to specific user requirements.
• Implementation & Training – Complete deployment support including stakeholder training, documentation and ongoing technical assistance to ensure successful adoption and operation.

Our Change Management practice offers Project Management, PMO and Business Analysis that covers a huge range of projects and subject matters according to your specific needs. Our resources have the relevant financial services experience and expertise to be able to fit seamlessly into your teams and businesses. We manage projects across most Capital Markets areas, including:

• Regulatory Change – Helping you address the impacts of changing regulations on your business and processes.
• Digital Transformation – Assisting you in your digital transformation by embedding new systems and processes into your architecture and operating model to ensure you do not drift behind your competitors.
• Structural Change – Managing structural change – including reorganisations, mergers and migrations. GreySpark takes account of the legal, practical and cultural impact of structural
• Business Improvement – Assisting in the identification and implementation of change that will positively impact your business and processes. Improving efficiency and adding value wherever possible.

GreySpark’s methodical, progressive approach to software development helps clients realise their vision, whether that be generating new business, modularising existing platforms or automating workflows. We offer development in the following environments / frameworks:

• Software Development Lifecycle (SDLC)
• Agile Development
• Microservices Architecture
• DevOps Design and Implementation
• Software Architecture and Implementation