FIA Tech Creates Global Ops Team
Posted by Colin Lambert. Last updated: January 31, 2024
FIA Tech has unveiled a collaboration with business process management firm eClerx, to create an integrated global client operations team to monitor trades and allocations being processed of FIA Tech’s Trade Data Network.
The firms say the jointly staffed team is designed to support and augment clients’ own operations teams to identify trade breaks and other risk events as they occur, instead of on T+1, as is commonplace across the industry today. The service, a combination of automated exception management and 24 x 5 global operations support, will be available for all TDN brokers and clients at no additional cost, they add.
The launch of TDN, which occurred last year, has allowed new opportunities to eliminate breaks, identify their origins and reduce risk in real time, FIA Tech says. Combining the technology of the TDN platform and operations capabilities allows each client to prioritise their most critical operational risks for focused attention and monitoring, protecting against the types of operational breaks which can give rise to financial losses or compliance risks. On an ongoing basis, the team will also highlight and resolve static data issues resulting from incomplete account setups, product data issues or other technical problems introduced along the trade lifecycle by any of the numerous systems and participants involved in a typical ETD post-trade process.
“This joint partnership is a game changer for improving operational efficiency,” claims Nick Solinger, president and CEO of FIA Tech. “TDN clients and our operations team can now see each trade across the lifecycle, so we can see where the problems are created and who is best placed to fix it. Working with the deep expertise at eClerx, we can augment our clients’ operations teams to make a significant difference.”
John Flowers, managing principal at eClerx, adds, “Every day our teams are improving STP rates and controls for our clients through effective exception identification and resolution. To be assisting TDN’s clients at the industry level is a logical next step.”