Electra Information Systems (Electra), an innovative provider of proven software solutions for the asset management industry, today announced the release of its upgraded FailSafe settlements solution.
The enhanced offering provides clients with an option to view, manipulate and report on pending trade data in addition to the failed trades.
Trade failures create a variety of issues, including market risk, penalties and liquidity constraints. As global regulators are continuing to approve mandates which shorten the trade settlement cycle, investment managers are under tight deadlines to quickly and accurately settle trades. The comprehensive FailSafe platform improves the probability of timely trade settlements and allows users to quickly identify and quantify their exposure and expedite the resolution for any failed or pending trades, limiting the potential risk and penalties.
"Electra is a trusted partner of GoldenTree's and we rely on its sophisticated solutions to accurately and efficiently manage our post-trade processes," said John DeMartino, Director of Operations, GoldenTree Asset Management. "The firm's comprehensive data acquisition and aggregation methods, as well as their internal subject matter expertise, ensure we are able to review, address and report on any pending or failed trades while streamlining the process. The automated FailSafe system is a crucial part of our daily operations."
FailSafe's reporting functions on failed - whether it is an unknown trade or a settlement issue - and pending trades can be made available through the out-of-the-box reports or customized formats to meet specific client needs. The collection and normalization of the data for pre-settlement trades allows clients to determine the specific issues on T+1 and track the progress, decreasing the likelihood of duplicative work on a single trade.
"The enhancement to FailSafe was a natural evolution for the product and the solution compliments Electra's product suite," said Ian Danic, Executive Director of Electra. "We have automated the tedious process of collecting failed and pending trade data and formatting it into a standardized view so clients can focus on addressing the issues more efficiently to quickly mitigate risks."
FailSafe provides buy-side operations, settlements and reconciliation professionals with a secure aggregation system that exposes failed matches and trades, providing protection from issues such as market risk, penalties from fails, instability and liquidity constraints. The data is accessible via FailSafe's intuitive web interface.