CHALLENGE:
A major global futures exchange urgently needed to upgrade its legacy block trading reporting system. Block trades are securities transactions between two or more participants, executed outside the open market and negotiated privately.
The fully-electronic exchange was plagued by trade entry errors and a time-consuming double-entry process where exchange members would email trade details, and staff would then enter those details manually.
Thanks to years of professional relationships, other successfully delivered projects, and credibility of Connamara with the senior IT leadership of this exchange, Connamara was the natural choice to take on the challenge.
SOLUTION:
Our Connamara Agile approach was used to: prioritize user stories, introduce cutting-edge technology, and engage stakeholders to give more transparency and control.
In just five months, Connamara engineers devised and implemented a web-based application to allow exchange members to negotiate and submit block trades for futures contracts.
With the click of a button, exchange members could submit price-accurate trades for clearing and settlement, report the trade to public market data vendors, and notify exchange staff of the trade submission.
RESULT:
Connamara revamped an error-prone, complex block trading system to be safer, faster, and simplified. The new user experience means faster trades and little to no errors. Meanwhile, participants gained a feeling of independence without the need for staff involvement.
