Thunderhead has launched its Review Framework module for the XML-based Thunderhead Platform.
The Review Framework component provides an environment for exception handling and selective straight through processing (STP) and incorporates sophisticated features that will help investment banks mitigate exposure by reaching trade confirmation stage quicker and more securely.
When coupled with the Thunderhead Document Generation Platform, the browser-based Review Framework enables trading organizations to deal with vanilla and exotic derivative trades in one environment. Review Framework will identify occurrences when incoming transaction data falls outside the parameters of a Review Rule.
Thunderhead integrates with business process management (BMP) and workflow solutions to route such documents for manual editing. This increased level of business user control helps companies reduce risk by managing text and data items efficiently to bring trade confirms to the compliant, documented phase more rapidly.
“As derivatives trading becomes more complex and as a higher proportion of trades fall outside normal STP configurations, the need for Investment Banks to manage exceptions faster is more pronounced than ever before,” said Glen Manchester, Thunderhead CEO. “As regulatory issues grow in importance, there is significant monetary value in reducing risk through compliant communications processes such as Review Framework, which enables Derivative Operations teams to streamline the management of exceptions.”
“The cost to financial organizations of managing and clearing trade exceptions runs into millions of dollars annually. Thunderhead’s Review Framework combats this by offering a proven environment for rapid and intuitive handling of exceptions, which delivers quality assurance, regulatory control and automation to improve productivity and reduce costs,” Manchester continued.