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| FX Operations |
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FX Operations
Challenges
- FX MM, spot and forward trades to be settle within 3-5days of trade date, often booked late by FO and MO
- High number of manual touch points for over 50% trade processed - continuous tracking and monitoring required throughout the trade life cycle
- Customized requirements by specific counterparty and currencies, results in high number of exceptions and special handling
Solution
- Deployed workflow tool to track and monitor trade discrepancies, RCA performed on every single issue and action taken
- Developed detailed process documentation to serve various requests from different counterparty and currency
- Formed team to handle different sub-processes such as inter-company, inter-bank and corporate trades and cross trained key personnel to reduce risk of attrition and better synergies
- Provided detailed performance of the process through regular metrics and, alerts for currency / funding cut-offs, facilitating client’s decision making process
- Developed checklists for analysts and team leaders to ensure all the critical steps are covered and audited as per the specified timeline
Benefits
- 11 training collaterals, Special handling log for each checklist and rule document for confirmation process created. Tests created for all training – continuous updates based on new issues and learning
- MI generation for general health check generated through the tool – this was not possible before the process was migrated to eClerx
- Helped clients use their existing bandwidth (FTEs) to migrate all legacy + new trades to a new system
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