Gresham Computing plc today announced that Macquarie Futures has opted to use Gresham's Clareti Transaction Control solution (CTC) in the Amazon Web Services (AWS) cloud, to deliver automated reconciliation and exception management services to clients that use its brokerage services in North America for trading futures and listed derivatives.
As part of its commitment to deliver excellence in pre-trade, point of trade and post trade execution in listed derivatives across global markets, Macquarie was determined to implement the most advanced reconciliation technology, and to make the service available to clients in real-time through Amazon's secure cloud.
When logging on to the Macquarie portal clients will be able to use CTC to reconcile all open future positions and cash flows in real-time and to proactively manage any risks associated with their portfolio. They will also benefit from immediate alerts if a trade fails to complete or an error is detected. Automating the reconciliation process in this way will allow Macquarie and its clients to benefit from real-time business-driven controls, more effective risk management and significant operational efficiencies.
Matt Sauer, Global Research Manager, IDC Financial Insights said, "Macquarie is taking a truly innovative approach in implementing CTC over the cloud to deliver real-time reconciliation services directly to clients. The industry has been striving for cost effective ways to help firms manage their risk more proactively. Allowing clients to carry out real-time reconciliations in this way is a real differentiator for Macquarie and represents a step change away from costly and less effective manual processes."
Using CTC Macquarie will be able to offer its clients a rapid and smooth on-boarding process for new reconciliations, a functionally rich and intuitive user interface that allows enhanced research capabilities, improved financial certainty and increased efficiency.
"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," said Chris Errington, CEO, Gresham Computing. "Macquarie shows great vision in bringing real-time, cloud-based reconciliation services to the world of futures and listed derivatives - we are pleased that they have selected us to help them execute these plans."
Automated reconciliations is the first in a series of innovative added value services Macquarie plans to offer as it continues to expand its futures and listed derivatives business in North America.