Market data management for a global banking group

Client

The client is a leading Germany-based global bank with around 30,000 corporate clients and approximately 11 million private and small-business customers in Germany. With over € 467 billion in total assets, the client transacts roughly 30 percent of Germany’s foreign trade.

€ 467 billion in assets

Challenge

Our client was looking for a suitable partner to reduce its cost of operations associated with market data through measures such as volume reduction, new technology utilization, and automation of transactional processes. The incumbent operations supplier was unable to meet the client’s expectations of a ‘specialty BPO’ partner, due to which the client was using siloed and manual operating models for managing its market data services. The manual processing of data by the client was taking too much time and leading to errors. The client also had to deal with the lack of a consolidated platform for viewing and reporting data across various business units, regions, and teams.

The client was using manual operating models to manage its market data services

Solution

Hexaware’s specialized market data management team partnered with the client to proactively identify and deliver cost-saving initiatives and service enhancements by working with their existing teams. Here are some of the key engagement highlights of Hexaware’s partnership with the client:

• Best-in-class consultants and program assurance team provided a seamless transfer of rebadged resources to the client
• Leveraged Hexaware’s center of excellence for market data operations and used our expertise to reduce the total cost of ownership (TCO) for the client
• Provided real-time data on external prices and other market indicators
• Enabled administration, analysis, and compliance reviews of dynamic and static data
• Managed, optimized, and allocated the client’s market data processes precisely to reduce the expenditure incurred by the client
• Created support for access to internal data between applications for the bank’s multiple products
• Deployed systems for control and governance of processes

Business Areas Supported: Equities, fixed income, forex (FX), commodities, treasury, risk, corporate and private banking

Platforms Used: BCC One, MarketsIO, Refinitiv, Bloomberg, SIX Telekurs, Morningstar, Thomson Reuters, kdb+

Benefits

• 30% reduced total cost of ownership (TCO) through right-shoring and automation
• Improved accuracy and productivity through metrics-driven service level agreement (SLA)/key performance indicator (KPI) frameworks
• Enhanced and robust governance framework for the client
• Minimized manual effort by prioritizing automation for optimal delivery of market data

The partnership with Hexaware resulted in a 30% reduction in total cost of ownership, improved accuracy, enhanced governance, and minimized manual effort for optimal market data delivery.

Summary

Hexaware’s market data administration, market data analysis, and compliance solutions proved critical to the client’s goal of reducing operating costs associated with market data. Hexaware handled the administration-related activities for the client, such as maintaining the inventory, processing requests, administering contracts, processing invoices, reporting to vendors and exchanges, etc. The service delivery framework and robust governance model implemented by Hexaware significantly improved the clients’ operations accuracy and efficiency. Hexaware’s solution helped the client to build a solid foundation in the market data space and equipped it to handle changing dynamics in the industry with signification value creation in the long run.

Hexaware helped the client to significantly improve the accuracy and efficiency of its operations and adapt to changing market dynamics.