Source: RCP Consultants
RCP Consultants, the developers of the Reuters FX dealing platform have released version 4.5 of their established RCP Deal Web system.
Graham Richards, RCP's Managing Director, said "Post trade processing of deal conversations has always been a major issue for the FX Back Office, but have you ever considered the cost of 'missed' Reuters Dealing trades to your organisation and have you counted the cost in staff time of running your current systems for checking your dealer conversations- We have recently undertaken some research which shows that the annual cost to a bank running four dealer codes could be as high as £110,000"
There are many automated solutions that try to identify Reuters Dealing conversations that have 'missed' trades. The accuracy or lack of it, achieved by these systems can be a major factor in the cost of running a bank's post-trade operations. This is why RCP's latest release of its conversational analysis and deal matching system, RCP Deal Web, is generating such a buzz among end users.
When Foreign Exchange deals are traded using Reuters Conversational Dealing, there is a risk that some conversations containing agreed trades will not be confirmed by the trader. The industry standard is for either the traders or the back office to double check each unconfirmed conversation to identify 'missed' trades. RCP Deal Web includes a powerful new tool to help this process. It uses ground-breaking phrase recognition technology to analyse unconfirmed conversations and then pre-sorts them by probability of containing a trade, with the most probable candidates at the top of the list. This pre-sorting of trades reduces the time taken to identify (and deal with) the 'missed' trade. In turn, this minimises undetected market / operational risk and associated costs.
RCP have a unique understanding of the Reuters Conversational Dealing platform having developed it in association with Reuters. It was during the same time period that RCP developed Deal Web's predecessor to automate and simplify post trade operations. Deal Web has been continually developed since then to respond to ever chhanging market needs and is now considered to be the market leader.
RCP Deal Web is a fully scalable global solution suitable for any bank that performs conversational trading, from tier one banks to operations using only a single Reuters Dealing code. RCP Deal Web facilitates a truly paperless workflow, removing the need for Reuters and EBS dealing printers. The front end utilises standard web browser technology to give full work station flexibility and rapid deployment together with the option of a centralised back office for global trading organisations.
The latest RCP Deal Web release comes after a year and a half of intensive development working closely with the back office operations teams of major banking clients to improve parsing accuracy and usability.
We have also added a comprehensive, server-based reporting facility, designed to help users author, manage, and deliver customised trade reports on any aspect of your bank's FX Trading data. With complete flexibility on how you present the information, you can produce regular complex reports at the touch of a button, allowing better understanding of your business, whether for compliance, risk management or marketing purposes."