Broadridge, Russia’s largest bank, and Numerix also have fintech news.
QIC Moves Away from Global Custodian
QIC, the Australian investment fund for the Queensland government, will be using cloud-based data management and performance measurement solutions from Eagle Investment Systems, which marks a move away from a global custodian that had been providing outsourced data and performance measurement functions.
The firm, which has A$81 billion in AUM ($61.4 billion), is using Eagle as part of “an operational transformation project to improve the transparency, quality, and ownership of its investment data,” officials say. The firm is supplementing outsourced services and cutting internal IT costs “associated with maintaining its own proprietary technology infrastructure,” officials say. The firm also needed advanced performance reporting, returns and exposure analysis.
The new systems will be supported via Eagle’s private cloud service, dubbed Access.
The new systems have helped improve the firm’s data integrity and made the performance reporting function more flexible, says Mark McDonald, executive director at QIC in a prepared statement. The new systems have also helped to support the growth of our alternative assets business,” McDonald says. “We are also now able to automate a number of complex calculations that were previously handled manually using spreadsheets.”
The QIC performance function supports fixed income, equities, global strategies, real estate, private equity, infrastructure investments and derivatives, officials say. The new Eagle performance solution includes customized configurations “to meet complex requirements and methodologies for reporting on international investments, as well as supporting multi-sector contribution and multi-level performance reporting,” officials say.
QIC offers infrastructure, real estate, private equity, liquid strategies and multi-asset investments, officials say. The firm has over 700 employees and serves more than 110 clients including governments, pension plans, sovereign wealth funds and insurers, spanning Australia, Europe, Asia, Middle East and the U.S. Headquartered in Brisbane, QIC also has offices in New York, San Francisco, Los Angeles, London, Sydney, and Melbourne.
Broadridge Trade Reporting Solution Helps with SFTR Compliance
Broadridge Financial Solutions has launched a trade reporting solution for the European Securities and Markets Authority’s (ESMA) forthcoming Securities Financing Transaction Regulation (SFTR), company officials say.
The new Broadridge offering will help market participants meet projected regulatory deadlines next year.
The SFTR legislation requires E.U. counterparts in securities finance transactions to report trade data to a registered trade repository, officials say. The Broadridge offering will deliver “a transaction reporting solution that spans the entire reporting lifecycle,” according to the vendor.
The new offering has system-level data extracts from its securities finance and collateral management solution, “through to unique trade identifier (UTI) generation, matching and direct reporting to trade repositories,” according to Broadridge. “Customers will be able to take advantage of Broadridge’s unified solution for all of their SFTR requirements. Clients will also have the option of a modular solution that can be combined with other third party reporting platforms as required.”
Russia’s Largest Bank Deploys Numerix Systems
Sberbank, Russia’s largest bank, worked with risk systems vendor Numerix to put in place a new financial market risk management system, officials say.
The collaboration led to the implementation of bank-wide technology.
“As part of the multi-year project, Sberbank built a technology platform which included IT systems and modules allowing the management of various types of risks, namely credit and market risks,” according to Numerix. “The platform was created with the use of distributed computing technologies like GridGain, nonrelational databases, such as MongoDB and Cassandra, as well as other modern technologies which ensure high productivity.”
The project specifies that Sberbank apply Numerix analytics as a consolidated XVA solution across the bank, officials say. “Numerix analytics and Numerix CVA are leveraged to calculate, analyze and limit exposures exotic for complex deals as well as XVA management for front office needs and pre-trade calculations, such as incremental CVA and FVA,” according to Numerix.
“The IT program that we started several years ago required innovative solutions and a new approach to risk management. Despite the complexity and scale of this program, we successfully delivered a risk management system that is now used by Sberbank on a group level,” says Dzhangir Dzhangirov, CIB CRO at Sberbank in a prepared statement.
“The program dealt with tools involving complicated price and risk metric calculation models. To create this infrastructure, a strategic IT program was launched and we selected Numerix as one of our transformation partners,” Dzhangirov says. Numerix helped the bank “produce and distribute our counterparty credit risk calculations,” he adds.
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