Deployment meets Canadian regulatory deadline of May 31st and extends Newedge’s use of Succession Systems across geographies
May 31, 2013
New York, USA, Toronto, CANADA
Succession Systems announces the deployment of their TripleCheck™ Market Access Risk Solution to meet Newedge Brokerage’s regulatory requirements for automated trading risk controls in Canada and the United States.
Brokers in Canada were given until May 31st to deploy the trading controls needed to meet the IIROC rules for Canadian exchanges. The rule ensures pre-order entry filters are activated across all trading activity for brokers to manage the trading exposure of its clients in real time. Market Access Risk Solutions must conduct checks at the order (ticket) level, before entering the market. The broker must ensure position and credit limits are enforced by aggregating and analyzing the stream of orders across accounts.
New automated trading regulations have been rolling out around the world after the United States authorized 15c35 in July 2011. Prior to the ruling, many Brokers relied on their overnight back office systems to reconcile the trades and calculate the client positions. Today, the regulations insist these checks be done in real time, before the order is routed to the exchange. This ensures risk limits are enforced intra-day.
Microseconds count, real time consolidation of order flows across systems
“Compliance requires the consolidation of real time trading flows across many different trading technologies” comments Anthony Masso, CEO Succession Systems. “A Broker may have several different trading systems and the Market Access Risk System must adapt to all the platforms in use by clients” added Masso.
The Succession Systems solution named TripleCheck, consolidates, controls and reports on the trade flow emanating from third party trading platforms, direct market access routers, and co-located proprietary servers.
“The TripleCheck™ dashboard allows the compliance teams to see every trade — nothing is missed” continues Masso. In addition, real time Market Access Risk Systems should operate at the highest speeds possible to avoid adding delays. “We tune the implementation to scan the orders in nanoseconds” explains Masso.
About Succession Systems
Founded in 2010, the company has been building and extending the functionality of its flagship product, TripleCheck™. TripleCheck™ is a market access trading risk system. It offers real time controls, analytics and reports for compliance with the new automated trading regulations. Deployed at a limited set of local customers over the last two years, the system is now being launched to meet global deployments.
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