An international tier-one bank was implementing a Trade Data Repository (TDR) and required advice, management and expertise across a variety of problem spaces. A large team had been assembled to work on various aspects across the platform and Brickendon was asked to provide expertise to develop solutions across the entire range of activities. The original technology solution was outdated and had evolved over time from a cache designed for near real-time post-trade reporting specifically for Dodd-Frank, to the de-facto post-trade data source for a range of external and internal consumers.
Client Challenges
The client had many challenges for implementing of trade data repository and various issues related to it. These included:
Scale – There were 73 trading system instances with 27 counties producing more than a million trade events per day with over 100 normalised data elements each. This totalled 100M+ data elements per day, or 1,000+ per second, generating over 24,000 distinct data input/outputs every day.
Demand – Required data outputs for different divisions and regions had differing formats, coverage and timing demands for multiple regulatory projects. This placed significant pressure on the central implementation and test teams with competing demands for time and resources.
Visibility – Having evolved from more of a technical repository, various user interfaces were needed to provide visibility across the data for use by internal and external users including regulators.
Quality and Lineage — multiple reference data sources, complex booking models, and lack of clear ownership boundaries at the consumer end presented critical challenges for data integrity, completeness, timing and coverage
Brickendon Solution
Brickendon developed and supported a variety of solutions across this complex
architecture and business landscape:
Technical Architecture using the latest technologies allowed by the client. The system
allows for the caching and parallel processing of very large amounts of data consumed
and produced. This was implemented across cloud servers to allow for the scale
needed to meet demands.
Business Architecture to support the Functional Design for Trade Reporting to break
down very complex demands into implementable steps and provide a regulatory
agnostic approach to all stages of the delivery from identification and preparation,
eligibility and obligation, content creation and masking, and submission and
exception management.
Consumerisation of the data to reduce reliance on limited technical resources by
providing a self-service facility for users to build their own data extracts and feeds to
support their individual needs.
Client Benefits
The benefits to the client from the Brickendon solution included:
End-to-end management of all teams involved in delivery allowing us to partner with the
client to identify and implement cost savings and efficiencies, including flexible
resourcing to address time-critical issues.
Standardised approach to all Trade Reporting demands regardless of regulation or
jurisdiction, increasing efficiency, decreasing time-to-market and reducing future
change cost. Initially implemented for liquidity-related reporting to BoE, FCA and ECB
and subsequently extended for US and Asia regulators.
A clear vision for the platform, including loose coupling of producers and
consumers, full event coverage, single formats per product, early transformation into a
standard format, and clear data ownership and governance.
Complete, Correct and Timely data available, providing confidence that the central
repository is the fastest and most reliable source of data to meet enterprise, regulatory
and other consumer needs.
Cost savings have been significant with the new strategic repository providing multi
million-pound savings in infrastructure costs, significantly reduced project delivery
costs, and acceleration of decommissioning programmes of a number of legacy
platforms. Multiple independent programmes have reported 80-90% cost savings when
leveraging the central strategic repository, rather than point-to-point solutions.