Macquarie Futures, a futures commission merchant of Australian financial services firm Macquarie Group, will be deploying a reconciliation system from Gresham Computing, the Clareti Transaction Control (CTC) solution via an Amazon Web Services (AWS) public cloud computing deployment, officials say.
The Amazon cloud will deliver the automated reconciliation and exception management services of CTC to Macquarie Futures clients that use its brokerage services in North America for trading futures and listed derivatives, officials say. A specialist institutional futures broker, Macquarie Futures also has operations in Australia, Asia and the U.K.
The CTC deployment will offer real-time reconciliation and will facilitate Macquarie portal clients that need to reconcile all open future positions and cash flows in real-time and to proactively manage any risks associated with their portfolio, officials say. Client can also get immediate alerts if a trade fails to complete or an error is detected. This kind of reconciliation process will enable Macquarie and its clients to apply real-time business-driven controls, new risk management support and operational efficiencies.
The deployment will also offer Macquarie clients an on-boarding process for new reconciliations, and a user interface with enhanced research capabilities, officials say.
“Historically, clients have relied on spreadsheets to keep track of open futures positions and have performed manual reconciliations with their broker to ensure everything tallies at the end of the day. Only discovering discrepancies or trade failures at the end of the day is a risky strategy and can leave a firm open to significant unplanned exposure in their portfolio,” says Chris Errington, CEO, Gresham Computing in a prepared statement.
Macquarie officials say that automated reconciliation is the first in a series of value-added services it will offer clients as it expands its futures and listed derivatives business in North America.
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