Daiwa Securities SMBC Europe Limited has completed its migration to TRAX2 through the successful expansion of its CheckFree TradeFlow capabilities to efficiently manage the flow of securities transactions.
The project utilised the CheckFree structured implementation methodology to achieve delivery by September’s mandatory migration deadline. Daiwa, an investment bank headquartered in London, now has a messaging hub that provides a ‘single window’ of all trades enabling Daiwa to reduce its operational risk.
Daiwa began using the CheckFree TradeFlow post-trade securities transaction process management application in 2004 for its regional operations center in London, processing global trade confirmations over Omgeo OASYS Global, the electronic trade allocation and confirmation application. The latest CheckFree TradeFlow implementation project delivers connectivity to the International Capital Market Association (ICMA) TRAX2 network, the one-stop trade matching and regulatory reporting system for bonds, derivatives and equities.
Daiwa has so far automated its repo, fixed income and equities instruments and also plans to extend its deployment of CheckFree TradeFlow utilising its workflow tools to other areas of financial messaging.
“By choosing to work with CheckFree again, following the successful implementation of their trade confirmation platform using Omgeo OASYS Global Direct, we have been able to extend our CheckFree TradeFlow capabilities and generate business benefit in the creation of a single messaging hub that has consolidated a whole array of trading environments. Completed within six months, the project has been a great success. We were especially pleased with the quality of the delivered software and the professionalism of CheckFree’s implementation team. Our ability to manage operational risk has also improved as we now have a consolidated view of our trade matching activities,” says Hirohito Ishii, managing director, Technology Division, Daiwa Securities SMBC Europe.
“Daiwa has been successfully using CheckFree TradeFlow for three years. In April 2007, we began the current project to extend their CheckFree TradeFlow platform to enable the migration to ICMA’s MiFID compliant TRAX2 system. Our objective was to meet ICMA’s September deadline and ensure Daiwa would comply with the regulatory reporting requirements around MiFID. The results have been well received by Daiwa, and we are already talking with the client about further expanding the solutions capabilities, including, for example, adding SWIFT connectivity and its ability to support OTC derivatives,” adds Gary Mercer, vice president and managing director, CheckFree CIS Software International.