3. Portfolio Manager Sales / Dealer Trader Middle Office Back Office Back Office Exchange/Liquidity Pool Clearing House Network Depositary SunGard Global Trading addressable value chain Retail Branch Business Institutional Investor Market Data OMS Accounting Settlement Execution Management System Execution Management System Allocation/ Confirmation Trading System Risk Management Data & Content B U Y S I D E S E L L S I D E Order Management System Portfolio Management System
13. Combo Trader: rapid access to strategies GL Combo Trader GL SOR 1 Select the Combo you want to trade 2 Fill the quantity and price 3 Choose either Sniper or Stalker mode 4 Monitor fills of your Combo order in the Order Book Back to Trading overview
67. Options Watch – The Exe/Abd/Ass Process The Exe/Abd/Ass Process within the Derivatives Trade Flow Request of Exe/Abd Ack/Rej/Not/Pos Real-time position Exe/Abd Ack /Rej Ass Exe/Abd/Ass
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69. Options Watch– The Close-Out Process The Close-Out Process within the Derivatives Trade Flow Pos Pos Off Pos Pos Off
72. Close-out Screen Enables to close-out two defined trades of a specific position (to control the P&L) Back to SunGard’s post-trade for Derivatives offering
82. Example - GL Clearvision without GL Instant Map Without GL Instant Map, contract synonym for each non integrated order has thus to be entered manually in order for Clearvision not to reject it.
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84. Example - GL Clearvision with GL Instant Map Back to SunGard’s post-trade for Derivatives offering
93. Sometimes data can be spread out in an organization Equity Back Office Derivatives Back Office Fixed Income Back Office Accounts Data Security Reference & Market Data Derivatives Data transactions, balances, positions Fixed Income Data transactions, balances, positions Equity Data transactions, balances, positions Calendars Client data Third party Vendors Other internal systems
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95. Stream simplifies the Processing Environment Market Data Calendar Data Company Data Account Data User Data Equities Bonds Listed Derivs OTC Derivs FX Foreign Markets Apps DB GL Print/ Mail Web Storage Corp Actions Margin Haircuts Stream Core Engine Data Consolidation
GL Combo Trader enables you to create, manage, and trade mono and multi-market, multi-asset, user-defined strategies across several exchanges. GL Combo Trader’s multi-legged functionality lets you generate multiple strategies quickly and easily, to mirror developments in your trading strategies.
Combo Trader Strategies can be defined via the Dictionary (this process is described in the Combo Trader User Guide) or directly in the GL WIN Entry Box. Once defined, strategies can be selected from Market Watch + for trading at any time, as shown on the slide.
Account allocations for derivatives trades are of particular importance, and need to be carried out as quickly as possible after each trade, because of the need to communicate updated client details to the clearing house so that margin adjustments can be made.
The underlying allocations routing module (SAM in this diagram) is used by the Derivatives Allocation module (DAM), which provides the derivatives-specific calculation options and user interface. The Stream Connector/GL Service Framework (GLSF) middleware is used to achieve the interface to Clearvision. Both SAM and DAM operate as blades on the Stream Server, using Stream Services middleware to interface with the server’s functions.
Multi-Asset and Multi-Currency Risk Management We have developed a comprehensive pre-trade risk management architecture in GL Selector , designed to optimize your ability to manage and make full use of available trading limits. GL Selector allows a particularly fine control of limits on a variety of dimensions and levels - market, department, desk and individual trader or client - and offers full multi-asset and multi-currency capability. Selector can operate on a single market gateway, or on a Trading relay to cover multiple markets. It is a high-performance application, designed to meet the demanding requirements of high-volume Direct Market Access business. The Delta Selector mode aggregates futures and options risk together at the maturity month level. It uses exchange-sourced information - deltas and initial margins per lot (obtainable from SunGard as part of the Fame Futures Data Service) - to convert options orders into ‘quasi-futures’ so that they can be combined with futures orders on the same maturity month.
A broker's traders (and most particularly his remote clients) may access a particular exchange via multiple different applications: ISV workstations or directly via exchange APIs. This kind of multiple architecture causes serious risk management difficulties: There is no global visibility of open & executed orders Each trading application’s pre-trade risk management is constrained essentially to simple avoidance of mistakes, rather than providing global risk management based on trading positions Dedicated disaster recovery solutions and export paths are required for each application. GES resolves these difficulties by enabling the supervision of all orders and executions at one point, independent of the systems used to send the orders. This supervision requires a drop copy of everything done at the exchange, and is therefore dependent on the exchange’s supervision API providing this complete, consolidated copy. An increasing number of exchanges are able to provide this, and most also allow cancellation of orders via the same interface. Some exchanges might provide this feature with some limitations (e.g. LIFFE Connect API sends executions only when the supervised user is connected to the exchange). GES has already (at Sep 2009) been installed at several clients in Asia , working also with several derivatives exchanges. Development has also been done for Eurex and LIFFE. The functionality tends to be of most interest to derivatives brokers, because of the complexities involved in derivatives risk management, but can also be applied in cash market contexts. Development of GES to work with further exchanges will be driven by client demand: the methodology is well proven.
The GES server is a dedicated order book handling all order-related messages from the exchange (entry, modification, cancellation, fills) for supervision and/or reporting purposes. It may be used by supervisors to cancel monitored orders whatever their origin (GL Win/GL Tr@der, other SunGard applications, or any other system). The Sydney Futures Exchange also supports amendment of the supervised orders (we have not yet found other exchanges that provide this capability). Notes: The GES server, while being based on SunGard’s Trading Server (SLE) technology, should not itself be used as a trading server: i.e. no traders should attempt to send orders through it. The same capacity limitation applies as with a normal Trading Server (SLE): Up to 1M messages per day can be handled (order creation, modification, acknowledgment, execution). The GES server is mandatory as a base: several options may be added, as described on the next slide. For the GL Win supervisor: note that amendment of orders is supported only by the Sydney Futures Exchange (of the exchanges that have been investigated up to Sept 2009). Global risk management Via a GL Selector connected to the GES server, the application allows the supervisor to receive alerts when clients reach predefined limits (for capital, P&L etc.) Note that this ‘remote’ Selector does not prevent clients from going beyond these limits, but shows in real time what each client is doing. The supervisor may of course then cancel/amend orders as described on the previous slide. Global export The GES server can feed any external system, such as back-office applications, with order execution details in real time, Via a GL Export or FIX export process. This export can also be used for ticketing, via GL T&R (Ticketing & Reporting). This tool has been developed in Asia to automate the creation of tickets and reports, and can be priced for further clients on request. Derivatives position keeper and Span engine Via persistent database storage, a more extensive position keeping function is provided with indicators such as underlying position, P&L etc. Alerts can be set, and reports generated. For the executed parts of orders, margin consumption can then be computed via SunGard’s Instant Margin Span engine.
The Kiodex product line comes to Global Trading via the separate SunGard acquisition of this specialist commodity-market risk management systems vendor. The three products cover the following requirements: Risk workbench for a wide range of analytics Global market data for a large specialist data set, sourced directly from leading OTC market participants Kiodex real-time for position-keeping
Our rules-based engine, on top of a fundamental software framework, can help all types of financial institutions efficiently manage a wide variety of credit-related issues they face.
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