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   NYFIX Euro Millennium:  System Infrastructure - Review and Enhancements

Business Challenge


This client had implemented a new settlement system but was not realising the anticipated benefits.  To support the planned increase in trading and settlement volumes, they needed to reduce the number of post trade exceptions and the level of manual intervention


Chris Smith (CEO, NYFIX International) needed a consultant who could quickly and reliably quantify and resolve these issues


Solution Approach


We carried out a detailed analysis of the booking models used to support the services and products delivered to clients.  Previous experience of this type of business meant that the expected flows, divisions of responsibilities and controls could be quickly mapped out and then validated through a series of interviews with settlement, vendor and custodian staff


This analysis quickly identified the following areas to be addressed:

  • staff training

  • systems enhancements

  • control enhancements

  • remediation


We agreed and implemented staff training and tactical solutions to reduce manual intervention and address control gaps.  This ensured that:

  • the planned business changes could proceed, including the implementation of a central counter-party (SIX x-clear), which was also managed by the consultant

  • the appropriate controls could be demonstrated to the regulator in the FSA (now FCA) Arrow Review


In parallel with this, requirements for systems enhancements were agreed and scheduled with the vendor, and remediation activities defined and delivered




Our consultant combined a practitioner's understanding of how products and services are processed, with the analysis and project management skills needed to define the issues and propose, agree and implement solutions.  This allowed the goals to be achieved quickly, with minimal disruption to the business, and with all necessary knowledge transferred to the client's staff


Outcome and Business Benefit


The project was completed successfully with the client able to execute its business plans and fully leverage the benefits anticipated from implementing the new settlement system