BroadPeak Case Study:

Fortune 500 Agricultural Firm Meets Regulatory Deadlines With Ease

Snapshot

A Fortune 500 agriculture trading firm has limited time and staff to meet regulatory requirements.
The company needs to centralize its trade data from multiple sources to be interpreted according to a set of rules and then converted to a standard reporting format.
BroadPeak’s K3 platform was self-implemented with help from BroadPeak to manage the entire workflow from gathering data to submitting it to Swap Data Repositories in real-time.
The firm avoided an estimated $655,000 in development costs and the equivalent of 1.5 full-time employees for the ongoing maintenance with BroadPeak.

Background

A Fortune 500 agriculture and trading firm was highly regulated due to its size, having a 15-minute reporting deadline for trades as well as strict record-keeping standards. Faced with tight regulatory deadlines, the firm needed to assemble a central store of trade data from multiple sources, apply a complex set of rules against them, and then convert data to a new standard before submitting to regulators.

The Challenge

Every transaction needed to be interpreted according to a set of rules and then converted to a standard reporting format, irrespective of the originating system. The firm knew what needed to be done but how was not quite as clear, especially in the face of technical staff and time constraints. While bespoke solutions could have been delivered by numerous consultancies, the firm sought a solution with low maintenance that could be operated by teams who understood the meaning of trade data and the regulations, alleviating the need to involve technical staff in ongoing changes.

The Solution

The firm chose to implement our K3 platform due to its capability to manage entire workflows and the company’s ability to self-implement it with guidance from BroadPeak staff. A team was assembled with 1 developer, 1 business analyst, 1 regulatory advisor (part-time) and 1 project manager (part-time), along with a BroadPeak analyst. BroadPeak’s K3 managed the entire workflow from gathering raw internal trades, filtering them through regulatory rules, submitting them to repositories in real-time and finally bringing back success and error responses for each message. This fulfilled both operational workflows as well as compliance record-keeping requirements.

By driving the initiative internally, the firm was assured its staff would be able to manage the process post go-live and keep costs down. Selecting standard off-the-shelf software minimized project delivery risk and assured the firm of support and new features in the future.

The Result

With less staff and expenses than comparable projects, the firm was able to successfully build out trade reporting capabilities. We estimate that the firm avoided $655,000 in development costs and the equivalent of 1.5 full-time employees for the ongoing maintenance of this integration.

BroadPeak’s K3 enabled the firm to meet regulatory deadlines with limited staff and expenses and enabled analysts to easily oversee the tight 15-minute reporting obligations.