FO Application Supp. I

Initial situation

  • Global Market Orders management running manually with in-house OMS (Cortex Secondary)
  • 2-3 FTEs consumed in the MO/sales teams for taking care of client orders from claiming up to execution
  • Order management at risk: human error possible when requesting quotes or executing trades for instance when trader’s proposed price not matching client’s request ; delay in responding to client’s request ; numerous undue requests to the traders desks (no automatic check against available position, limit price, ISIN status: redeemed, expired,…); delayed or erroneous handling of night backlog events ; reputational risk towards the end customer; …

Tasks

  • Automate the GM Order Management System throughout the order lifecycle: quote request, order execution, events management (amend/cancel), background monitoring routines to pick up again sleeping orders : Real time price, Instrument status, trader’s position …
  • Give the trader the possibility to switch off the automatic claiming when a request cannot be fulfilled (with the automated workflow not aware): use of retention periods delaying the next claiming on an order, parking orders in manual mode whereby the automated claiming gets blocked and a manual intervention by a sales is requested…
  • Give the sales team the possibility to come in any time to close or request an order, thereby superseding the automated workflow

Actions

  • Interview all involved/impacted teams (MO, Sales, Traders) in order to collect their requirements, taking advantage of the project to encompass potential new needs or defect resolutions
  • Sit with MO/Sales in charge and Follow daily activity in order to identify every possible exceptions and their manual treatment: for each order type (vanilla bonds, Structured Bonds, EQDs) check all the steps manually undertaken, identify all the exceptions and specificities
  • Get approval for As Is workflow description
  • Write down functional specifications, embedding: current and to be functional workflows, along with their technical translation
  • Prepare and carry-out extensive test cases around the automated channel (retail orders) along with extensive non-regression test cases on all other channels transiting through Cortex
  • Ensure a careful after-care

Result

  • About 97 % of the orders in scope are now fully processed in an automated way (and thereby much quicker). Only exceptions are looked after by sales