SOCX (Settlement & Operations Clearing eXchange) - a joint venture between Deutsche Bank and technology vendor Wall Street Systems - has launched its outsourcing operations aimed at investment banks and financial institutions.
The company offers outsourcing capabilities for trade validation, confirmation matching, exception handling and escalation, as well as corporate actions and delivering accounting entries to the general ledger. Clients are continually updated with the status of all trades online and in real-time via the Web, or by other communication channels including email and wireless technology.
Financial products encompassed by the service include money markets, foreign exchange, fixed income, and vanilla derivatives.
The outsourcing firm's first client is Deutsche Bank's global markets unit, for which it is processing all of the bank's money markets trades in the UK. Over the coming months the service will be rolled out progressively to support business in North America, Asia Pacific and the rest of Europe, says Deutsche.
Paul Lewis, managing director, global markets, Deutsche Bank, comments: “It is our view that the future of operations across the financial services industry lies with specialist outsourcing vehicles such as SOCX and we are therefore firmly committed to supporting this initiative.”
SOCX is based on Wall Street Systems' settlement and trade processing platform, which has been integrated with workflow and CRM tools from IT firm Staffware. The service is hosted by Hewlett-Packard Company at its main data centre in Atlanta, Georgia.