EXNESS, an international foreign exchange broker, has implemented SunGard’s IntelliMatch Operational Control solution to meet its new reconciliation and compliance requirements, and manage rapid volume growth.
The advanced functionality of SunGard’s solution will provide critical back-office support for EXNESS as the company continues to expand globally.
With headquarters in Cyprus and operations around the world, including an office in Singapore, EXNESS has continued to grow since it was established in 2008. In the second quarter of 2015, its trading volumes increased by $111 billion to exceed $660 billion in total.
By providing EXNESS with high levels of automation, multi-asset-class capabilities, and a scalable infrastructure, IntelliMatch Operational Control helps the broker support growth, not only in volume but also in the breadth of products it can offer and control, whilst at the same time helping to better manage transactional risk and more easily achieve regulatory compliance on a global scale.
In a timely implementation process, the solution has initially been set up to reconcile EXNESS’ internal records with those of multiple payment service providers (PSPs). It will also meet the broker’s key requirement to support client money segregation.
“As we look to grow our global presence, not only in emerging markets but also in more established markets, IntelliMatch Operational Control will play a key role in supporting EXNESS’ ongoing expansion and rising transaction volumes. It will give us confidence that cash and payments are managed correctly and quickly and it will help us reduce operational risk right the way through the trade lifecycle. We chose to work with SunGard not only for its solution’s advanced capabilities, but also for its proven track record and pedigree in establishing reconciliation best practices for leading financial institutions across the globe. This represents just one step in our broader implementation of what we hope will be a world leading control infrastructure within the sector in the not-too-distant future.”
John Taylor, Chief Financial Officer, Singapore
“Fast-growing organizations like EXNESS work with SunGard for solutions that help them scale to new requirements and manage the compliance challenges of new markets. On top of its ability in handling multiple instruments and asset classes, EXNESS, with the implementation of IntelliMatch Operational Control, will be able to demonstrate to investors and regulators that they have the necessary controls and checks in place, including those for separately managed accounts.”
Jennifer Hanes, Chief Operating Officer, SunGard’s reconciliation business