Middle office at investment wing of top Canadian bank sees full modernization through TAM, helping the firm achieve T+1 compliance, greater efficiency, and multi-asset class automation

Client Challenge

Our client is an industry-leading provider of electronic trading, data and analytics solutions for syndicated loans and collateralized loan obligations (CLOs).

The secondary leveraged loan and CLO trading markets were run predominantly by manual processes. Most trading occurs via voice and chat, with manual trading booking and week-long settlement times.

Its goal was to create the first open-market electronic trading platform for syndicated loans and CLOs. To reach this goal, we needed to build a solution to digitalize the marketplace.

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The Solution

The success of this solution was greatly aided by the flexibility of the platform and both Genesis’ and the client’s teams.

We adopted a collaborative iterative development cycle with short feedback loops, presenting to traders on a weekly basis and implementing their feedback promptly, ready for the next session.

Close collaboration between the two leading bank’s traders and the Genesis team allowed us to quickly build a trading product that met business expectations.

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Project Highlights

Our client was able to leverage Genesis’ industry expertise, detailed planning, and seamless execution throughout.

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Traders’ prototype produced within 2 weeks

By demonstrating how a new marketplace could look and function, Genesis galvanized momentum at two leading banks and allowed them to showcase the concept to potential dealers.

Complex trading rules handled with ease

Our capital markets expertise, along with our platform’s cross-asset class capabilities, enabled us to confidently manage trading rules for loans and the sophisticated product structure of CLOs.

An industry first

We succeeded in a market where few would, working effectively with a consortium of dealers to provide a unique and innovative solution addressing multiple complex data, product and workflow challenges.

The Benefits

Reduced risk, more transparency

The fully electronic marketplace has greatly improved the market by reducing risk, improving transparency and liquidity, and minimizing operational challenges for participants.

Simplified trading for all

Together we built multiple trading protocols to meet market needs. These include auction functionality, unsolicited RFQ and dealer axes.

Real-time data and analytics

Marketplace provides insights that are critical for trading in volatile market conditions, instilling confidence in investors to price and execute. Straight-through pricing provides a pipe for trades to be brought directly in.