Operations and Technology
Jordan & Jordan offers a wide range of operations and technology assessment programs to ensure that your firm meets client expectations and regulatory requirements.
Jordan & Jordan’s understanding of the complex and changing interrelationships of technology, market structure, regulation and competition provides a unique perspective and sustains our ability to assist broker dealers, exchanges and other market participants in ensuring their platforms and processes properly support requirements for electronic trading, matching, reporting, clearing and settlement and other mission critical activities.
Technology and Process Improvements
Our consultants draw from years of market experience and knowledge of industry best practices to provide clients with rational, practical recommendations and implementation-ready plans for improvements in any aspect of the business process or technology. With expertise across instruments and the trade lifecycle from pre-trade through execution, settlement and asset servicing, our comprehensive perspective of the markets helps you achieve your company goals.
Jordan & Jordan’s team of seasoned consultants bring domain expertise from a wide variety of functional areas. Let our experts review your problem areas, identify areas for improvement in your processes and technology, share best practices, and provide recommendations.
Examples of process and/or technology reviews we have conducted for numerous firms include:
- Smart Order Routing
- Order and Execution Management
- Electronic Trading
- FIX Connectivity
- Market Data Distribution Platforms
- Regulatory Reporting
- Middle and Back Office Processing Systems
- Global Clearing and Settlement Systems for All Asset Classes
- For a major equities and index options exchange – assisted in identifying areas for improvement and an action plan to increase reliability and availability of the exchange’s proprietary technology including order routing, matching and market data systems.
- For a well-known execution broker, performed an in-depth review of their client on-boarding process, internal/external FIX connectivity processes and trade message flows, and technology & market data infrastructure; identified significant opportunities to improve client service while increasing scalability and cost effectiveness.
- For a major retail broker dealer, conducted an in-depth analysis of the business requirements, and the people, processes and technology supporting their Equity and Options trading platform to ensure that they are properly organized to support market and product expansion, volume growth and meet future business and regulatory needs.
Project Management & Staff Augmentation
Jordan & Jordan is highly experienced in managing large-scale projects. We have been particularly successful in managing industry-wide initiatives and projects required to meet new and changing regulations; where timelines are critical, subject matter expertise is a necessity and your internal resources must be used efficiently.
In addition to full Project Management, Jordan & Jordan can provide a wide range of project-based services including:
- Gap Analysis
- Business and technology impact assessment
- Business process change analysis
- Integration requirements analysis
- Data requirements analysis
- Implementation resource planning
- Migration strategy
- Staff Augmentation
- For a prominent investment bank, assisted in the migration from a proprietary derivatives trading system to Sungard’s GMI platform.
- For a leading broker dealer, analyzed work flow, business requirements and static data for remediation of internal systems and integration with third-party systems including back office trade processing and collateral management systems, middleware provider and clearing agents.
- For a top investment bank, assisted client in evaluating and implementing various instant messaging alternatives.
Operational and IT Risk Analysis and Reporting
Basel, Sarbanes Oxley, Dodd-Frank and other regulations have put increased strain on existing risk management and compliance staff. The SEC is scrutinizing firms’ IT programs, focusing on risk controls for software deployment as well as security. Executives have prioritized identification and remediation of operational and IT risk for purposes of regulatory reporting and heightened corporate governance and oversight.
At most firms, systems that track risk are not deployed enterprise-wide; therefore, data quality is generally poor due to difficulty in collecting consistent data and the lack of integration. Reporting is heavily manual and can be prone to error. Jordan & Jordan provides experienced staff support to banks, brokers, and other financial services companies to help with gathering and analyzing information from disparate sources. Our consultants can be of assistance in collecting and categorizing various instances of operational/IT risk across the organization and from numerous business units for purposes of reporting; and, our consultants can help identify open issues and create action plans to track remediation.
Examples of processes that might be considered in the operational workflow and risk reporting include: managing risk ticket remediation, SOX Signoffs, internal and external audit support, and UAT Testing.
Jordan & Jordan can help firms seeking a more integrated solution by providing assistance in normalizing firm-wide input to a centralized control framework that is already in place; or, we can support the vendor selection process for an enterprise operational/IT risk monitoring system.
- For a large investment banking/brokerage firm, supported technology and operational risk management team with internal and regulatory reporting.
- For a large investment banking/brokerage firm, provided senior level project management expertise in the development of strategies to address data backlogs, supported budget and resource management, and tracked Dodd Frank compliance of in scope applications.
- For a leading broker dealer, assisted with cross-border settlements in support of Dodd Frank Title VII.
Reference Data for Risk Management
Enterprise Data Management (EDM) has been talked about for years by theorists and data czars promising cost-savings through error reduction and consolidation of multiple data platforms. Some firms have been more successful than others in their attempts to centralize reference data, and for many the resulting benefits of cost-savings remain elusive. However, we believe the time is right for a renewed focus on Reference Data Management. EDM is no longer driven by cost-savings, but is being imposed by the regulators in the form of risk monitoring and reporting requirements, where “good data” is needed to provide a sound foundation.
Accurate reference data is mission critical, as risk management, proper regulatory reporting, tax reporting and other key aspects of regulatory compliance have reached priority status. Reference data and Compliance are inextricably linked.
Jordan & Jordan can assist in addressing data issues of accuracy, completeness, consistency and timeliness. Jordan & Jordan provides data management expertise that leverages our subject matter experts’ Product knowledge (global equities, options, futures, indexes, OTC derivatives, FX and fixed income securities), our Content knowledge (terms and conditions, pricing and valuations, research, analytics), and our Technological know-how, as the need to effectively link siloed Client/Account/Counterparty data (e.g. LEIs, domiciles, credit agreements) with a multitude of disparate internal and external reference databases and transactional data is well understood as a critical component of enterprise data management.
- For a premier hedge fund, created a normalized data model for fixed income securities, provided vendor data analysis, designed arbitration and validation rules, wrote test plans and test scripts, reviewed test results.
- For multiple broker/dealer firms, recommended cross referencing and matching strategies, defined specifications for managing security cross reference files; created structured frameworks for client evaluation of vendor data and conducted numerous vendor selections; mapped various vendors’ reference data feeds to normalized models including terms and conditions, ratings, pricing feeds.
- For a major service bureau, conducted business requirements research for a corporate actions notification and processing service.