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Fixed Income Architecture Review

Client

UK Investment Bank

Function

Business transformation; Front-office

Asset Class

Fixed Income

Geography

UK

Duration

12 weeks

The Ask

The Fixed Income markets are going through a significant transformation process due to regulations such as Basel, DFA and EMIR as well as an evolving competitive landscape. The client required independent and expert advice in electronic trading and digital investment banking in order to support key technology decisions about:

  • The prioritisation of new functionality;
  • Buy-versus-Build vs. Reuse of technology components; and
  • Investment allocation.

The scope of the analysis encompassed all front-office functions for both Rates (cash and derivatives) and Credit (cash only), with a strong emphasis on “advanced” electronic capabilities such as:

  • Price discovery and liquidity aggregation;
  • Client pricing and negotiation; and
  • Algorithmic risk management and hedging.

Methodology

GreySpark clearly identified investment priorities for the 2015-17 investment plan, in terms of:

  • Shared infrastructure across Rates, Credit and, where applicable, FX;
  • Vendor solutions allowing the client to leapfrog the competition;
  • Development of proprietary intellectual property where significant differentiation is required and achievable; and
  • The federation of all stakeholders behind the plan.

Outcome

GreySpark delivered:

  • A consolidated Business Requirement Document;
  • Detailed target architecture for eight individual business functions;
  • Buy-versus-Build analysis complete a detailed analysis of requisite vendors; and
  • An implementation roadmap.

GreySpark Delivered Benefits

  • GreySpark assisted the client with the definition of the underlying business processes
  • GreySpark deployed a small team familiar with the client context and imperative to federate and crystalize the business requirements across desks and functions.
  • GreySpark ran a targeted RFP/RFI to identify vendors who could bring either enhanced functionality, shorter time to market or both.
  • GreySpark built a detailed target architecture complete with a recommended implementation path over an 18 months period.

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