Genesis, the global financial markets software firm, has been selected by StoneX (formerly known as INTL FCStone), to fully automate and digitise middle office workflows for its equities and fixed income trading business.
StoneX is an institutional-grade financial services network that connects companies, organizations, traders and investors to the global markets ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service and deep financial markets expertise. Read More: Micronotes and Experian Empower Financial Institutions to Lower Customers’ Borrowing Costs
As the industry faces a number of cost and regulatory pressures that have resulted in market consolidation over the years, the drive to achieve operational efficiency and business growth is paramount. Genesis has empowered StoneX to achieve operational alpha with a robust and agile middle office application from the Genesis Application Library that meets the growing client demand for productivity tools and improved client services. The application is multi-asset class and integrates seamlessly with StoneX systems both upstream and downstream using the Genesis Low-Code Application Platform industry adaptors and APIs.
The Genesis Low-Code Platform (LCAP) is the only low-code platform native to financial markets and built to address the specific requirements of the industry. It enables the rapid creation and deployment of applications to meet the traditional automation and simple Business Process Management (BPM) needs as well as the complex use cases requiring sophisticated event handling processors and performance attributes such as low latency and high throughput.
Following the acquisition in February, 2020 of U.S. based brokerage GAIN Capital Holdings Inc. StoneX had three separate technology providers, the firm selected Genesis Low-Code Application Platform (LCAP) to streamline its middle office by delivering a performant, resilient application to address the complex workflows securely and to enable the firm to scale its nascent fixed income business.
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Developed on Genesis LCAP, the middle office application digitises previously manual, resource intensive and error-prone tasks such as: trade capture data, trade allocation & matching, fee management and client trade confirmation. The agnostic, multi-asset class application enables direct trade capture and fully supports the management of Standard Settlement Instructions (SSI) data to ensure automatic integration with its settlement custodian, BNP Paribas.
Paul Wenman, Head of Business Development EMEA & Asia, StoneX said: “Genesis LCAP has allowed us to move away from manual time-consuming processes to a fully digital experience, giving us greater control of our operations and the ability to better serve our clients on top of accessing new markets and asset classes. The middle office solution has been so well executed and at such speed that if we had a conversation in the morning, a developer was building out the functionality by the afternoon. We have been constantly impressed by the expert and detailed financial markets technical expertise of the Genesis team and their agile approach to software development. Genesis will be a key partner in helping us identify and deliver immediate and future opportunities.”
Stephen Murphy, CEO of genesis, said: “We are immensely proud of our collaboration with StoneX and delighted to deliver yet another innovative application from the Genesis Application Library that is built on the Genesis Low-Code Application Platform. Every firm is under pressure not only to automate their workflows but also to deploy new productivity tools and digital capabilities. This is exactly what our LCAP is designed to deliver and we are delighted to be playing our part as StoneX continues to grow both its equities and fixed income businesses. We believe our relationship with StoneX is further evidence of our financial markets capabilities and ongoing demand for a low-code application platform and we look forward to continuing our collaboration.” Read More: Segmint’s Core Data Activation For Financial Institutions Drives Year-Over-Year Company Growth During Pandemic
