FAST TRACK
FASTTRACK
Technology - helping to meet the challenges of electronic FX
With Peter Kriskinans, Managing Director of DealHub, one of the leading providers of financial market software solutions.
Peter, the DealHub product suite was first launched back in 1997. Since then, why have so many of the worlds top FX dealing banks chosen DealHub to support their e-trading and trade processing requirements?
DealHub was born 15 years ago, out of a close collaboration with a large Swiss bank – and since then, we’ve never lost sight of the importance of deep engagement with our customers. Over the years, we’ve worked side by side with clients to build a profound understanding of their workflows, developing products that solve real issues and work seamlessly with in house systems. I think a key reason for our success is that we offer the kind of convenience you’re looking for when buying an off the shelf product from a vendor, with the integration and performance you might expect from a bespoke solution.
We’ve also kept a very sharp eye on speed and reliability as we’ve built out our solutions, always looking to improve performance, streamline our software and build in the resiliency that eliminates downtime - that’s why the world’s biggest banks trust us with their high volume, high speed, high risk traffic; we never cut corners.
DealHub has won many awards, particularly for your Post Trade Services. Do you see any significant STP bottlenecks remaining in Post Trade FX Workflows or have most of these now been overcome?
I think the challenge the industry faces now is less about removing bottlenecks and more about reducing risk – in both an operational and a market
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sense. From an operational standpoint, it’s all about reducing complexity; cutting through the spaghetti of infrastructure that’s grown up in most banks over the years and replacing it with a best of breed solution that minimises integration points, physical infrastructure and translation between multiple data formats. Getting this right can dramatically cut error rates, support costs and processing times.
To reduce market risk, I think there’s scope to make more fundamental changes. In today’s connected world, there’s no reason that a lot of the tasks traditionally performed deep in the back office can’t be moved earlier in the workflow. For example, there are no technical reasons that trades can’t be confirmed in near real time, identifying out-trades and ensuring that risk systems have an accurate view of exposures at all times. We’re getting more and more engagement from customers in this area – so it’s a space to watch.
What work is DealHub doing in extending your products and services to help FX trading firms prepare for the proposed Dodd-Frank and EMIR regulatory changes?
Tis is obviously a big focus for the whole market right now. A lot of the emphasis has been on establishing connectivity to new CCPs and trade repositories – but the conversation we’re having with customers is increasingly turning to the internal workflow challenges resulting from the new reporting obligations. Te impact on a bank’s core systems and processes is potentially huge - and it’s all subject to change as regulations evolve.
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