Client:
Internet broker/dealer providing day trading support

Engagement:
Determine the functional requirements and system design of an “after trade” settlement processing system. The client was a non-clearing firm that wished to self-clear their business.

Deliverable:
We interviewed senior management to determine their immediate, near term and long-term business plans. The objective was to determine the types of clients and asset classes the settlement system would need to support. Once known, the process of describing the business and related technology began. The first deliverable was an overview design document reflecting the system infrastructure including the account number, reference files and technology platform.
Once the infrastructure was defined, the individual modules were defined. Each module consisted of multiple functional requirement segments: a business description of the process, functional requirements, interoperability requirements and external interfaces. The technology staff used the functional requirements to develop the modules. During this 30-month project we provided advisory support including recommendations, problem resolution, design modifications and opinions on industry practices.

Result:
The client completed the design and implemented the system on schedule and budget. The conversion from non-clearing to self-clearing was completed over a nine-month transition period, resulting in savings of approximately 1.5 million dollars.

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