Client
UK Corporate & Investment Bank
Function
IT Front-office
FX Trading
FX Trading
Asset Class
FX
Geography
London
New York City
New York City
Duration
2 years
The Ask
The client asked GreySpark to prepare the integration of their single dealer platform, which included integrating client data from the external system using a new java component and re-engineering the system with new Java components.
Other requirements included:
- The generation of prices for FX spot, outrights and swaps including allocations;
- Prices streamed to various channels providing both RFQ and ESP functionality;
- The enhancement of risk management capabilities;
- STP of executed deals; and
- GUI for risk management and position capture.
Methodology
GreySpark undertook the following steps:
- Completed a requirements analysis and estimation
- Created automated tests using Fitnesse
- Trained key personnel in CEP and the StreamBase product
- Supplemented the Business Analysis team during the key requirements gathering stage
- Provided monthly status reports and met with the client frequently to ensure the quality of the work
Outcome
GreySpark delivered:
- Swaps Pricing capabilities;
- Trade Acceptance/Rejection logic to control flow and avoid machine gunning;
- The ability to publish prices to RMDS;
- Enhancements to pricing algorithms;
- Credit checking via Murex Limit Controller for swaps and allocations;
- Design and development of a data service for the supply of client data to the various modules;
- Support testing and regular releases;
- Enhancements to cover Dodd-Frank; and
- A globalised system.
GreySpark Delivered Benefits
- The client was able to deliver new business functionality as requested and the FX trading system, already a strategic component within the bank, was made stronger.
- Source developers learned StreamBase, a fairly niche product.
- Regulatory requirements were all met.
- GreySpark rolled out the system to New York followed by a 24-5 1/2 trading window.