Rationalisation of FICC eTrading Platforms

Following a recent merger, the client was operating two Fixed Income and FX trading solutions. Both provided direct trading capabilities on most FX and bonds markets in America, Europe and Asia-Pacific.

GreySpark was asked to provide an independent assessment of the platforms to:

• Understand the state of the existing platforms and their various constituents;
• Identify any problem areas or areas of opportunity that merit particular focus; and
• Define the target state and associated roadmap.

For the assessment phase, GreySpark deployed a “SWAT” project team, reporting directly to the global head of FICC Trading and engaging extensively with technology and trading personnel at the bank.

The target state and implementation roadmap were developed in concert with senior trading and technology managers.

The team was maintained on-site for a further period to kick-start the consolidation programme.

GreySpark delivered a report detailing:

• The actual coverage, capabilities, strengths, weaknesses and evaluation of each platform;
• Benchmarking against competitors and industry best practices;
• Recommended target state; and
• A delivery roadmap.

GreySpark assisted with stakeholder and project management of the initiation phase of the roadmap implementation.

• The client was able to make informed decisions, based on factual information, free from political spin or vested interests.
• An actual best-of-breed solution was designed and implemented, combining the strengths of the two inherited platforms.
• A year after GreySpark was engaged, the client now operates one of the very best FICC electronic platforms on the street and reduced operating costs by 60%.