Hudson Fintech, the UK securities finance marketplace provider best known for building its platform with technology primarily seen in online gaming, has launched a new advanced workflow management service.
The Trade Hospital will become a key component of the Hudson Edge technology platform that filters, aggregates and reconciles trade messages before sending optimised submissions to back office systems for confirmation and settlement, Hudson says.
CEO of Hudson Fintech Michael Walliss says the Trade Hospital and repo trading modules are already live and Hudson is developing several new products leveraging the entity-component-system architecture which was first developed to allow for regular software patches to be completed with minimal disruption to online gamers.
Hudson says it developed Trade Hospital in response to clients requesting a post-trade flow
optimiser to manage their trade submission processes.
Trade Hospital introduces a new holding stage where the majority of trades can be processed immediately to settlement systems, while those which can be aggregated or are not required, follow a different workflow.
Using the example of a block trade, Hudson explains that trades are held until the original block trade is fully allocated to the relevant sub accounts.
Once complete, these trades are submitted for processing and the original block trade is subsequently cancelled within Hudson’s Trade Hospital, meaning no unnecessary submissions or charges are incurred.
The holding process is completely configurable and compliant with the regulations regarding
booking times for transactions, Hudson says.
Many financial organisations use back-office systems which process trades on a cost-per-transaction basis, where costs rise with the volume of transactions.
In a statement on the new service Hudson says: “In certain circumstances a transaction results in multiple trade messages being created, each incurring a fee. Trade Hospital’s intelligent post-trade processing minimises the number of messages being sent without impacting the trade economics and reducing costs.”
Walliss adds: “Hudson Trade Hospital resolves a major headache for our clients, optimising processing workflows and immediately saving on processing costs.
“This shows the power of the Hudson Edge platform, where we are able to apply our flexible entity-component-system technology to solutions such as the Trade Hospital by quickly creating workflows which deliver real benefits.”
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