克利夫顿·坎普，纽约梅隆银行潘兴银行副总裁.
存’s 机构贸易处理 is reimagining 帖子-trade processing to enable management of the entire trade lifecycle – from 帖子-execution to settlement – from one platform, increasing efficiencies and reducing overall costs along the way.
Achieving such a transformation requires that redundant platforms be eliminated. Therefore, 存 has announced that it will end support for OASYS in October 2021. 准备, 我们加强了中医对美国贸易流动的支持, providing clients the ability to migrate their US trade flow volume off OASYS and onto 中医. This will eliminate a redundant platform and additional touchpoint to provide firms with a single central matching engine.
BNY Mellon’s Pershing was among the first firms to partner with 存 to make the move to support the enhanced U.S. 中医提供的交易功能. 在接下来的Q中&A, 克利夫顿·坎普，纽约梅隆银行潘兴银行副总裁, talks about the firm’s migration experience and the benefits of 中医 for their clients.
DC: Our clients have been clear about wanting to reap the benefits of a single central matching engine. How has Pershing prepared for the retirement of OASYS and the migration of US trade flows to 中医?
P: We know from our clients that streamlined procedures and enhanced efficiencies are critical to helping them maintain a competitive edge and provide optimal service to their end clients. By being at the forefront in partnering with 存 we intend to help our clients achieve these important goals. 除了 to engaging with 存 working groups to prepare for the migration, we created a proprietary user interface that gives our 中医 users a look and feel that’s similar to the soon-to-be-retired OASYS system. Recent upgrades to our 中医 integration also have enhanced exception resolution handling and step outs. 我们认为，这些步骤, 综上所述, are critical components of Pershing’s continued investment in our institutional support model.
DC: How does being an early mover to 中医 position Pershing’s clients for success?
P: Being early to market has helped our clients in two ways. It gives them time to adapt to a new process gradually with the knowledge that they will be fully transitioned before the retirement date. 和, 其次, it allows them to support their clients who were also early adopters of US trades on 中医.
DC: What value does Pershing see for supporting US trades on 中医? 你是否看到客户的匹配/肯定率在上升?
P: 中医 enhances efficiencies between buy- and sell-side firms by sending both global and domestic block-trade allocations though one system. 精简重复的系统是有价值的. Last year’s volatile markets really highlighted the criticality of efficient, 直接通过后贸易周期中的贸易流程. 除了, 中医 features an enhanced central matching workflow with settlement notifications and automated standing settlement instructions (SSIs) from the 警报 platform. 在潘兴，我们的肯定率是92.5%, which continues to be above the industry average of 89%. We expect to see this rate increase after migration to 中医 due to the upfront matching of trade details and settlement instructions.
DC: What functionality within your proprietary user interface (UI) has helped ease the transition?
P: The transition has been smooth in part due to the low-touch process that allows firms to input matching executed broker blocks in under five seconds. Matched allocations automatically become fully processed trades inclusive of confirm generation in real time. We also made sure to fully support 中医’s global and US domestic trade flows, including step-out functionality where again we were among first to market to support, 以及块级别的TRACE/MSRB报告.
DC: Pershing is a front runner in preparing to retire OASYS. 你看到这产生了新的客户兴趣吗?
P:是的. We’ve seen interest from firms that were interested in being early adopters. They understood that our early adoption of 中医 is part of an overall culture of thinking ahead, collaborating with our clients and developing new solutions to improve operational efficiency and the client experience.
DC:到目前为止，Pershing已经迁移了多少客户端?
P: Just over 70 percent of our OASYS contracted users have migrated to 中医 so far.
DC: What feedback have you heard from client firms that have already migrated?
P: Our clients rely on Pershing for a workflow that allows them to efficiently process trades from 帖子-trade confirmation to settlement. Firms that already migrated appreciate that the 中医 interface offers full functionality and supports their clients as they transition.
克利夫顿坎普 is a Vice President in the 客户端 服务 Delivery division at Pershing. He is a manager in Global Trade Processing and is responsible for oversight of the Central Trade Manager application. 他于2009年在潘兴开始了他的职业生涯. Clifton earned a degree in Economics from Michigan State University.