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Real Time system meets compliance needs for Brokers in Russia and in the UK

September 9, 2013
London, UK

BCS Prime Brokerage, the international arm of the largest trader of equities and derivatives on the Russian exchange, has appointed Succession Systems to launch a pre-trade Market Access Risk system, TripleCheck™. The system delivers ultra-low latency risk management for Direct Market Access (DMA) clients including proprietary and algorithmic trading firms.

The Market Access system is the fastest software pre-trade solution available for the Russian markets. It offers single-digit microsecond latency one way, wire to wire. Additional markets will be added in the coming months.

New regulation rules for risk management on international markets are driving clients to demand unified access to multiple markets. In this way, clients are able to maximize their funding and margin utilization across complex portfolios.

Succession Systems was selected from more than 15 vendors to implement the TripleCheck™ system and develop custom functionality for BCS. The system is designed to fully comply with the SEC Rule 15c3-5 and the variations needed by different venues and geographies around the world. The system has a wide range of controls from basic “fat finger” checks to complex multi-market portfolio margin limit calculations. A fully functional dashboard allows compliance teams to monitor, adjust and control trade flows in real time. Performance testing has demonstrated high stability and through-put of up to 10,000 orders per second.

Tim Bevan, Head of International Prime Sales commented:

“To remain at the forefront of what we do, and to continue to exceed our clients’ expectations, BCS is committed to bringing innovative solutions to the market to capitalize on the growing demand for fast and efficient trade flows with Russia.

We are currently looking to add markets, specific asset classes, client-oriented functions and liquidity services, and our appointment of Succession Systems will ensure we are able to consistently deliver cost-efficient, fast, flexible and comprehensive solutions.”

Vladimir Pozdnyakov, Head of Risk & Liquidity Services commented:

“BCS treats risk management systems not only as internal broker security tool but also as a keystone for a number of unique client-oriented products which will allow our clients to benefit from more efficient risk off-setting and improved funding. Our alliance with Succession Systems and dedicated project teams provides us with ultimate flexibility and speed in development and implementation of these new services.”

About BCS Prime Brokerage Limited

BCS Prime Brokerage Limited, the UK regulated arm of the BCS Financial Group, provides innovative and customisable high and low touch solutions for Russia and core global and emerging markets. Providing dealing, advisory and prime services to professional investors, BCS combines state-of-the-art brokerage technologies with a deep understanding of the market. In June, BCS was granted UK regulatory authorization by the Financial Conduct Authority (FCA) to deal and advise on investments and hold client assets, officially marking the launch of its international brokerage business. BCS is the largest trader of equities and derivatives on the Moscow exchange by turnover and has a 10%-15% market share of equity trading.

About Succession Systems

Succession Systems offers TripleCheck™ a real time Market Access Risk Management Solution for pre-trade automated trading compliance. TripleCheck™ adapts to current trading systems in use, scanning trades in nanoseconds before their submission to the exchange. This allows Brokers to aggregate, report and permission client trade flow emanating from disparate platforms and locations. The pre-trade system allows Brokers to comply with local exchange rules, net their clients’ positions to better manage margin, locates and position exposures. Standard checks, alerts and reports are delivered with the system along with the ability to embed customized calculations. A real time user interface provides a Compliance Dashboard to drill into trade/message details, visually track margin utilization and adjust limits and alerts.

For more information regarding this release, please contact:

Marie Giangrande
[email protected]