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FX Trading Platform Design & Development

Client

UK Corporate & Investment Bank

Function

IT Front-office
FX Trading

Asset Class

FX

Geography

London
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:

  1. Completed a requirements analysis and estimation
  2. Created automated tests using Fitnesse
  3. Trained key personnel in CEP and the StreamBase product
  4. Supplemented the Business Analysis team during the key requirements gathering stage
  5. 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.

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