SmartStream Technologies says CLSA Asia Pacific Markets, an Asian brokerage, investment banking and private equity firm headquartered in Hong Kong, has bought its TLM reconciliation solution.
Smartstream says CLSA wanted an integrated cash and securities reconciliation solution that also could be deployed to address the multitude of in-house and inter system audit and control processes that are currently addressed via manual processes or bespoke applications. It adds that CLSA particularly liked SmartStream’s ability to provide technology to replace several legacy and in-house solutions.
“One of the key factors in the decision is that SmartStream’s STP Control Architecture vision and the CLSA’s vision of the future are one and the same,” says T Rajah, CIO of CLSA. “We want a generic application with elements of workflow, matching, and middleware to provide integrated, enterprise wide audit and control from one location across and among all of our operations. Their proven track record of deployment of TLM? Globally and their thin client architecture were also key considerations. CLSA is a large and growing organisation and we need the ability to consolidate and control processes from a central point while seamlessly allowing users in multiple locations to use the web to access reconciled positions, transactions and cash information in real time.”
SmartStream has a substantial presence in Asia. “We have a high hurdle to meet with respect to ROI
but a low tolerance for potential implementation problems; SmartStream’s offering presents the highest ROI and lowest risk option for CLSA,” adds David Ilett, Group Head of Trading Operations at CLSA. Andrew Raymond, Managing Director, Asia for SmartStream, comments that “CLSA is a very prestigious financial institution in Asia and is seen as a technology leader – we are proud to have met and exceeded CLSA’s expectations with respect to all of their requirements and we look forward to working with them on the rollout of this project in the coming months. For us, CLSA represents the new breed of clients in Asia that are looking to gain competitive advantage through the innovative use of a generic audit and
control
infrastructure not only for the typical end of line reconciliation requirement, but right through the entire lifecycle of the various transaction types that they need to manage.”