Large Asset Management Company

  • Company name:
    Classified
  • Industry:
    Financial Services
  • Location:
    New York, NY
  • Company Size:
    5k+

Mission:

We were tasked to build a post-trade reconciliation smart-contract network between investment managers, executing brokers, and clearing brokers.

Challenge:

Futures and Options clearing is complex, time-consuming, and involves many parties. All parties maintain the duplicates of trade data and perform various processes on this information, requiring multi-lateral reconciliation to ensure accuracy.

Solution:

  • Build a post-trade reconciliation smart-contract network written in DAML on R3 Corda 
  • Grow the DevOps culture by building on the integration testing, the set up of the infrastructure and the overall operation of the application using AWS, Microsoft Azure, and Angular for the UI
  • Give participants access to trade data on a need-to-know basis
  • Use smart contract technology to calculate each party’s fees and disburse network-validated commissions to participants

Results:

  • Reduced cost and likelihood of error by eliminating the manual nature of post-trade reconciliation
  • Captured trades on blockchain to ensure an immutable, tamper-proof record of transaction data
  • Smart-contract mechanisms ensured that each party was able to see accurate and consistent information to other parties
  • Users can track trades through the transaction lifecycle instantaneously, reducing the current day(s) delay for reconciliation