FX Trading Transformation

FX Trading Transformation, unique content with technology across the worlds largest foreign exchange trading platform.

Background

With over 4000 data suppliers our client is one of the leading providers of financial data to the world’s financial services exchanges. It has one of the largest bond trading platforms in the world. It provides decision support systems, portfolio management systems, derivative pricing tools, trading terminals, risk management systems to the banking, wealth and asset management industry. Their real time accurate market moving news impacts all asset classes globally like Equities, Fixed Income, Commodities, FX and Derivatives.

Approach

With over 800 processes, 4000 data suppliers and only a handful of service level level agreements managing the quality of ‘the data lake’ had become a ‘mission impossible’. A full analysis of internal capabilities across all product sets highlighted consistent themes in data quality, time to market and data remediation that needed to be addressed.

Low people capability, process control and contract management were increasing the challenges the business faced.

Sound familiar?

This is the operational norm for most companies whether FX Trading Transformation, manufacturing or logisitcs. The issue is the same, caught up in the trend to have Artifical Intelligence and Data Science organisations forget that if the data is poor then the artifical intelligence and data science will be poor. Many things have changed over the last few years but the phrase ‘rubbish and rubbish out’ has not.

Results

Our approach was to work with the executive team to prioritise core issues across people, systems and
processes. Develop a comprehensive and cohesive programme of change with a robust business case. FX Trading Transformation was sponsored by the executive board who developed an internal capability of almost 300 change agents to transform internal business operations and deploy process automation to increase the data quality.

The programme delivered £5m in additional revenues and 30% cost savings in back office functions and reallocation of skills within the business to continue to drive the improvements and identify new technologies that can be adopted to increase market dominance.

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