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Xetra Deutsche Boerse Group Eurex Clearing Eurex Repo

Case Studies

Front-Office Automation Initiative – Automated Locate Manager

Client: German Asset Manager, Frankfurt
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The challenge

With its existing set-up, the securities lending desk of our client struggled to keep up with the manual task of replying to the increasing number of locate messages sent by their counterparties on a day-to-day basis. As a result, the desk suffered from a loss of reputation as well as a loss of potential profits.
As part of a widespread front-office automation initiative, they decided to build a full straight-through-processing application for the automated processing of locate messages and instructed Comyno with the specification of the software solution. Comyno was chosen for this task because of its subject matter expertise around the pre- and post-trade-automation in the securities finance market.

The engagement

To gather the business requirements, our team hosted a series of workshops together with representatives from the front-office. We then transferred the business requirements into a functional requirements document that specified a software solution for the straight-through-processing of locate messages specifically tailored to the existing software environment of our client.

The results

The specification was successfully delivered on time and to budget and signed-off by the senior stakeholders.
The client is currently in the process of developing the software solution based on our specification and has asked Comyno to provide continuous support from a business as well as an IT perspective during the software development life-cycle.
Initial tests have showed, that the software solution will lead to a significantly improved locate-to-trade ratio and hence increased profits and improved market reputation.

Post-Trade Automation with C-One

Client: SEB AG, Frankfurt
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The challenge

SEB AG, Frankfurt wanted to fully automate the post-trade processing of its Delta 1 trading activities in the securities finance space. The products in scope for this undertaking included exchange and bilaterally traded derivatives executed on the Eurex markets as well as on- and off-exchange traded equities via Xetra. Furthermore, an automated solution for the fulfilment of its MiFID OTC post-trade transparency requirements was also envisaged by the client.

The engagement

Working closely with internal and external project stakeholders – incl. business, IT and 3rd parties – our consultants and software engineers developed a new post-trade target operating model specifically tailored to meet the requirements of SEB AG’s in-house software environment.
Besides software development and implementation, our team provided business analysis-, UAT/SIT management- and project management services throughout the full project lifecycle.

Our solution

To facilitate the desired post-trade automation of SEB AG’s Delta 1 business, Comyno deployed its C-One product with the following components:
• A set of reliable connectivity adapters for the connection to Eurex Clearing’s C7 Clearing Architecture and to the Deutsche Boerse Xetra FIX Gateway
• A normalisation engine to translate the received transaction confirmations into a standard FIX protocol as used by SEB’s in-house systems
• A versatile business logic layer for the data enrichment of the normalised messages to meet the needs of SEB’s in-house systems
• An internal output adapter incl. a real-time trade feed to SEB’s in-house systems
• An external output adapter to facilitate fully-automated MiFID OTC post-trade reporting via the Xetra OTC Post-Trade Transparency Services of Deutsche Boerse

The results

The project plan jointly agreed on stipulated a stepwise delivery divided into three major project phases with individual milestones. All three phases were successfully delivered on time and to budget and to the satisfaction of all client stakeholders.
After the successful completion of the project, a software maintenance contract was signed between SEB AG and Comyno. A Comyno maintenance contract offers our clients access to any future releases of C-One, allowing for secure technical and financial planning.

Securities Lending CCP Service – Full front-to-back implementation

Client: A globally operating Tier 1 Investment Bank
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The challenge

With certain new regulations becoming more pressing and theimminent advantages of centrally cleared transactions in the new regulatory framework (compared to bilateral transactions), the client decided to on-board to a Securities Lending CCP Service in order to diversify its principal and agency lending service offering.
The challenge, a full front-to-back implementation, required the design of the target connectivity and operating models,validation of account structures and business process design/adaptation.
A review of current operational infrastructure was needed in order to address operational and IT issues.

The engagement

We deployed a team of specialists who were able to apply subject matter expertise to develop and validate the target connectivity and operating models and gather business as well as functional requirements whilst working with a wide range of internal and external stakeholders in order to ensure agreement and alignment.
Our initial infrastructure gap analysis identified critical issues with IT and operations that needed addressing at the very beginning of the implementation project.
After completion of the requirements gathering phase our team transitioned into a project management role including outlining (detailed scope, time, cost) of the project, creation of a detailed project plan, stakeholder communication and management and support of the internal business analysts and developers to deliver the client proposition i.e. a full front-to-back end implementation. UAT/SIT support was also part of our mandate.

The results

Working closely with internal stakeholders, our team developed an elaborate connectivity and operating model, taking into account the existing IT and operational infrastructure of the client. Steering committee and senior management accepted our approach and agreed with the clear set of next steps proposed in the detailed project plan.
During the development and implementation phase, our project managers followed a clear and concise communication strategy, addressing internal and external points effectively.
The project was successfully delivered on time and to budget and to the satisfaction of all client stakeholders.

Eurex Repo F7 Connectivity with C-One

Client: Bundesrepublik Deutschland Finanzagentur GmbH
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The challenge

In July 2015, Eurex Repo GmbH introduced their state-of-the-art trading environment called „F7“. Along with the launch of “F7” came significant changes in the connectivity model used by Eurex Repo. As an official ISV Partner, Comyno, together with Eurex Repo, developed a technical solution that supports the market participants in managing the transition to the new trading platform.

The engagement

After an extensive RFP process, the Bundesrepublik Deutschland Finanzagentur GmbH has chosen Comyno’s software solution C-One to facilitate the connectivity of their trading infrastructure to Eurex Repo “F7”.
Our team of subject matter experts conducted a thorough assessment to gain a comprehensive understanding of the client’s existing IT and operational infrastructure in order to define the detailed functional requirements and best suitable implementation model for the client.
Furthermore, because of our extensive subject matter expertise, Comyno was asked for support with the internal SIT / UAT

Our solution

Based on the requirements identified, our software engineers deployed Comyno’s C-One product with the following components:
• A connectivity adapter for reliable connection to the Eurex Repo F7 Platform
• A business logic layer to provide the data to the client in the same way as the old Eurex Repo System
• An output adapter incl. a real-time trade feed into the in-house system for post trade automation

The results

By using the flexible C-One software solution, the Finanzagentur did not have to change any internal interfaces or processes. The project was successfully delivered on time and to budget and to the satisfaction of all client stakeholders - no internal programming resources had to be spent on the project.
Furthermore, Finanzagentur relies on Comyno’s cost-effective maintenance services to ensure compatibility with any future change of F7 by trusting in our thoroughly tested C-One releases.

Securities Lending CCP Service strategy validation

Client: A globally operating Tier 1 Investment Bank
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The challenge

In response to the changing market landscape, the client launched an initiative to assess the possibility of on-boarding to a securities lending CCP service from various angles.
The requirement was to develop a client specific CCP connectivity model, analyse the impacts of a securities lending CCP service on the internal business and IT processes and to perform a cost / benefit analysis in order to quantify any potential cost of capital advantages under a Basel III framework.

The engagement

Our team embarked on an ‘interview and workshop programme’ conducted across the whole bank (involving stakeholders from e.g. the front-, middle- and back-office, risk/finance, and custodian). The purpose was to assess the current business processes, present the Securities Lending CCP processing principles and determine the stakeholders’ requirements on a future Lending CCP connectivity model and the related business and IT processes.
An analysis of the outcomes allowed us to quickly determine a target connectivity model, identify and document process gaps and define high-level requirements for the new business and IT processes. Both were refined through a series of workshops across all relevant stakeholder groups.
In parallel the team, together with the client gathered sample data and performed the cost / benefit analysis based on the client’s requirements.

The results

The project was successfully delivered on time and to budget and to the satisfaction of all client stakeholders.
The results of the impact and cost / benefit analysis were presented to senior management and the findings and conclusions were very well received.
During the course of the project, specific next steps were identified and documented which enabled the client to transition into detailed requirement gathering and implementation phases.

Publications

  • Customer Testimonails
    One-Stop-Shop June, 2017

    Comyno is a One-Stop-Shop for securities finance businesses. Frank Becker explains why...

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  • Customer Testimonails
    The first of its kind Januar, 2017

    Comyno is integrating distributed ledger technologies into its software to execute the first repo smart contract, as Markus Büttner explains...

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  • Customer Testimonails
    Return to growth 27 September, 2016

    Markus Büttner of Comyno reveals what his company is working on and outlines the most pressing challenges of the moment...

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  • Customer Testimonails
    Raising the stakes Annual Report Technology Guide, 2016, pp.28-29.

    There is a difference between getting by and excelling. Markus Buettner and Admir Spahic of Comyno explain why intelligent automation is that difference...

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  • Customer Testimonails
    Two new clients go live on Comyno’s X-Repo Hub 21 August, 2015

    Frankfurt-based consultancy and software house Comyno has successfully implemented its X-Repo Hub solution with Germany’s Finance Agency and DekaBank. Both projects were completed on time and to budget...

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  • Customer Testimonails
    Align and centralise: turning cost into opportunity 16 June, 2015

    Markus Büttner of Comyno discusses recent developments in securities finance and how regulatory challenges can be turned into new opportunities...

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  • Customer Testimonails
    Drawing the battle lines 14 October, 2014

    Markus Büttner, CEO of software and consulting firm Comyno, discusses the current state of the securities finance industry and why the marketplace may face an uphill battle to remain efficient and liquid...

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  • Customer Testimonails
    Live and let fly 29 April, 2014

    Markus Büttner, amongst other panellists, discuss the progress in Eurex Clearing’s Lending CCP, and what flow is expected in 2014...

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  • Customer Testimonails
    Lending CCP: what do you believe? 11 June, 2013

    Why central counterparties can be good for securities lending...

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  • Customer Testimonails
    Country Profiles: Germany 18 September, 2012

    SLT talks to Markus Büttner of German software and consulting firm Comyno about regulatory limitations on securities lending in Germany and the technological drive to overcome them...

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Projects

Comyno experts successfully completed numerous cross regional projects in the past years and conducted projects in major areas within the financial services industry such as Securities Finance, OTC Derivatives, Risk Management etc.:

Investment Bank
Set up and maintenance of Equilend platform (design, specification and implementation of messaging from bank to Equilend and back; hook into Repo and Lending front office system and limit checks, set up and configuration of Equilend GUI)
Clearing House
Business analysis and specification: Development and launch of a Central Counterparty (CCP) service for the securities lending market based on Clearings House proven systems and industry leading risk management standards
Investment Bank - Beneficial Owner
Business strategy, design, specification and outsourced software development: Seamless integration of beneficial owners positions and buy/sell transactions into banks front office system. Fully automated process for principle/agency lending (asset allocation, lending limit checking (active and passive), automated re-allocation, short covering etc.)
Private Bank
BPO of equity research publications and other desktop publishing services
Investment Bank
SWIFT interface from banks front office system to Clearstreams KAG+ program for full automation of the process
Investment Bank
TriParty Agents - front-to-back process and infrastructure definition and implementation for TriParty Repo business
Investment Bank
Program Management, Project Management (cost and deliverables, scoping for the business) – Acting as the program / project manager forcorporates & markets for more than three years. Definition and management of the projects to implement the Securities Finance business model
Investment Bank
Lending CCP Feasibility Study (SecFinex, SIX/SIS, EUROCCP, LCH) -Developed business case based on potential effect on capital attraction, efficiency gains vs. cost of implementation and maintenance. Design and implementation of EurexRepo and BrokerTec repo platform connection (360 messaging infrastructure with position upload, trade execution and maintenance, data flow back to the front office system)
Investment Bank - Sales, Trading & Back-Office
Business analysis, specification, implementation and project management of Java based software solution for the administration of the issuing process of structured products including the creation of extensive documentation required in this area. Further, the process has been extended by a sales module and product database offering the possibility to easily respond to client driven product requests
Investment Bank - Legal & Compliance
Business analysis, implementation and project management of a software tool for documenting, tracking and reporting of legal matters (litigations, regulatory affairs, subpoenas, internal investigations, complaints etc.). Documents related to the matters are stored in a document management system which is also used as a stand-alone system within the Legal department on a global basis
Investment Bank - Legal, Credit & Front-Office
Integration of a central repository to manage master agreements for a range of over-the-counter (OTC) trading operations including OTC derivatives, repo, securities lending and other legal agreements (i.e. ISDA, GiveUp Agreements, Mandate Agreements, Loan Agreements, Tri-Party Agreements, etc.). The system maintains user configurable data on counterparties, jurisdictional legal opinions and agreement data. This data can be evaluated on demand to produce feeds of agreement data to confirmations and collateral management systems as well as netting sets to be fed to credit and financial control functions. Further a Master Agreement Request Workflow has been specified and implemented to track all requests coming from front-office and credit risk. Communication between the various parties involved in master agreement requesting is streamlined and bottlenecks are identified
Insurance - Legal
Business analysis, specification and implementation of a Java and Oracle based system for documenting, tracking and reporting of legal matters (litigations, regulatory affairs, internal investigations, etc.)
Investment Bank - Legal & Back-Office
Implementation and integration of a confirmation system to generate, manage & deliver trade confirmations for OTC derivatives transactions (IRS, CRS, Collars, TwinRates etc.) including interfaces to upstream (trading & legal) and downstream (fax & email) systems

Please contact us to find out more about Comyno and our reference projects.