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CLEARANCE & SETTLEMENT
ENGAGEMENT SUMMARY

Client:
Clearing service provider subsidiary of an investment bank

Engagement:
We were asked to create documentation for a new clearance and settlement system for the client’s non-clearing customers. Since we were engaged during the planning stage, we were able to make critical system design recommendations.

Deliverable:
The scope of functions spanned from trade execution through settlement and asset servicing. Based on the development process, documentation was created during the design phase with deeper and more comprehensive details recorded during development and user acceptance phases.
Our initial role was to “scribe” the major components and create a “big picture” of the system flow including reference data, client profile, external interfaces and points of risk mitigation. As the modules were designed and additional details identified, the documentation became more granular with appropriate details for screen and report content.

Result:
The new system was implemented in phases to minimize disruption and limit potential system outages. The implementation was completed in seven months. The client realized the increased capacity and operating cost savings within 24 months. In addition, they experienced a lower loss of customers than expected during the development and implementation phases.

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