The current global pandemic has hit the world and financial markets with unprecedented force. While firms across the financial services industry are focused on addressing immediate business needs, 自那时以来，研究covid -19后恢复的初步工作已经开始. 在这个阶段，有各种各样的新冠肺炎后可能产生的经济结果模型. The recovery model and pace will likely vary from market to market and as we co-exist with uncertainties, firms should continue to reflect on the opportunities and challenges that the crisis brings as they prepare for the 帖子-pandemic world.
Sharing his observations on COVID-19 to over 200 attendees at a recent 存’s virtual event in Asia, 马特Stauffer, 董事总经理, 机构贸易处理主管, 存, 说, “The initial period of dramatic increase in volatility across financial markets is a scenario we have not seen for a while. The volatility has translated into exceptionally high trading volume across all our processing systems – including managing margin calls – over a continuous period.”
高波动性的, high-volume financial market conditions has exposed the vulnerabilities of firms relying on sub-optimal manual process requiring human intervention. This issue is more acute in the collateral management world as Stauffer shared that several 存 clients have witnessed a jump of over 300 percent in processing daily margin calls. The lack of automation to handle complex and resource intensive margin workflows further exacerbated the situation.
他补充说, “我们收到了很多客户和行业vnsr威尼斯城官网登入vns6060威尼斯城官网影响的咨询, 如果有任何, on our operational performance and our efficiency levels during this period of market stress. We are pleased to report that in terms of 存’s role in supporting and serving our clients and the industry – we continue to maintain the service levels that are required of us, despite the exceptionally high volume and with over 90% of our staff working from home.”
也就是说, Stauffer indicated that while it is important to have the ability to support and maintain full operational processing capability during market volatility, it is even more crucial for the industry to apply best practices to cope with evolving demands.
Drawing parallels to the challenges that market participants were grappling pre-COVID-19 days to issues in the current normal, Stauffer强调了过去的紧迫问题，比如成本压力, 减少利润, 较低的回报现在被放大和加剧. 给定vns6060威尼斯城官网和预算约束, this has led to a renewed emphasis on cost-benefit analysis to choose between discretionary versus non-discretionary projects that are essential for future development plans. Stauffer推荐, “Both individual firms and the industry should look at the overall ecosystem and invest in projects that help us prepare for the next crisis.”
重置业务目标
为应对COVID-19大流行, Stauffer noted that firms are using new strategic lens to reassess the optimal operating model for 帖子-trade – from front, 中后台. Stauffer评论, “在经纪人/交易商方面, a lot of focus is placed on modernizing existing legacy systems and automating middle and back office processes to better mitigate operational risk and improve operational efficiency. 买方, there is a demand for clear differentiation of solutions for different target groups as challenges vary across market segments. Hedge Fund managers are now looking for more segment specific solutions to support the different trading and engagement models that they are employing for their underlying constituents.”
While the focus to date is on managing BAU activities and handling excessive volumes induced by COVID-19, Stauffer stressed that it is important to keep a close pulse on regulatory obligations that are looming on the horizon. 将于2021年2月1日生效 《vnsr威尼斯城官网登入》(CSDR) 结算 Disciplinary Regime (SDR) has been dominating industry discussions in Europe, 美国和亚洲——由于其域外影响. The SDR will require non-European firms to put in place automated measures to mitigate settlement fails when trading and settling European securities. 根据特别提款权, market participants will be liable for cash penalties and buy-ins for settlement fails – resulting in increased focus on managing settlement and settlement finality.
从危机中吸取教训
Offering his views on how firms can strengthen their business operations as they move beyond COVID-19, Stauffer说, “无论危机以何种方式影响了资本市场公司, 他们需要认识到自动化的即时和长期利益. 虽然自动化并不是一个新概念, 它的价值在不确定性和市场压力下被放大. Automation essentially enable firms to cope and scale their business as volumes expand or fluctuate while effectively managing risks. 因此，vns6060威尼斯城官网从劳动密集型的手工过程中解脱出来, sifting their focus to driving the primary purpose of their business and managing trade exceptions. And that's where it's critical to have exception management solutions to help identify exceptions when they occur, assess and prioritize impact to individual firms and bring that exception to resolution before trade settlement.”
在他的告别语中, Stauffer强调, “The market volatility brought about by the pandemic has heightened the value of a no-touch workflow for 帖子-trade processing – to enable trades to be agreed, 匹配, 在一个平台上处理和结算. Now is an excellent opportunity to leverage the right tools to succeed in the 帖子-pandemic world.”