Novus Capital Markets, provider of innovative financial expertise to financial institutions and corporates, has put into production a new Order Capture and Routing System (OCRS).
The system has been developed by MBA Systems and tailored to match the exact needs of Novus's equities and derivatives broking team. It supports the entire front office process enabling the firm to manage its trading activity during the working day, including the validation of transactions, recording of trades and management of risk/exposure, through to client reporting, generation of invoices and the management of profit and loss.
"We are now reaping a host of benefits," says Paul Schofield, head of equity finance at Novus. "The system has stream-lined our business infinitely by automating the process. Furthermore it gives us a very clear view of our strengths and weaknesses as well as our trading history. These are invaluable management tools that enable us to be far more efficient and effective in our trading activity as well as in client liaison and reporting."
Having one of the largest broking teams in London, serving the investment banks globally, it was important for Novus to adopt the right system. Before selecting MBA Systems' tailored solution, the company had looked at a number of off-the-shelf packages, but none matched its criteria. Those capable of handling Novus's business tended to include a number of other functions not required and so were uncompetitive. "Although our tailored system required a higher investment up-front," advised Schofield, "it is more cost effective and represents much better value for us long term because the system we now have is an exact match to our needs."
Stephen Taylor, director of MBA Systems, added: "We were pleased at this opportunity to display MBA's nimbleness in design and development. The OCRS build was based on our wide portfolio of trading application modules, resulting in a customised solution that was produced quickly and effectively. "
Another advantage of this approach is that it has created a seamlessly integrated front office system that requires minimum human intervention,vention, eliminating manual processes that are the greatest potential causes of operational risk.
"The system that has been delivered to us is exactly what I envisaged at the beginning of the process and we're very pleased with the service received," concludes Schofield.