Redburn now has a connectivity solution that augments its Order Management System (OMS) and handles custom FIX messaging in an efficient manner. As a result, Redburn’s agility in making enhancements has significantly improved – the UL Bridge solution provides a customization layer where order and other message transformations can be quickly implemented, tested and deployed on a per customer basis, independent of the OMS. No modifications to the OMS or other systems were required as part of the deployment.
UL Bridge and its modules for monitoring, drill down and exception handling of messages and pre-trade risk management have allowed Redburn to address a range of issues, including implementation of compliance measures for the new MiFID II regulations quickly and cleanly. With the addition of the UL Iris module, the solution also enables the firm to quickly onboard clients with client-specific requirements for automated pre-trade risk checks.
“Itiviti’s risk framework is an outstanding feature which demonstrates the power of their modular offering based on UL Bridge,” said Will Winzor-Saile, Execution Architect at Redburn. “Although we were not specifically looking to change our pre-trade risk management at the outset, we recognized the UL Iris pre-trade risk extension would provide flexibility to allow us to improve our general onboarding and connectivity, and more easily meet certain clients' specialized risk requirements.”
Delivered as an extension module to UL Bridge, UL Iris can slot in to perform a range of validation checks on client order flow. It can, for example, compare order price to live market prices to check for price deviation, and – critically – can be customized with client-specific pre-trade rule sets.
“We are delighted to partner with Redburn to deliver real business value to them and to their customers,” said Richard Bentley, Chief Product Officer of Itiviti. “The successful implementation of UL Bridge and UL Iris at Redburn demonstrates the power of our modular approach in enhancing the agility of our clients’ technology platforms, allowing them to leverage their existing investments more effectively.”
Following the successful deployment, Redburn already has plans to extend the scope of use with UL Iris. The firm has begun to integrate this with their company-wide risk management system to provide automated controls and alerts for counterparty exposure.
For further information, please contact:
Richard Bentley, CPO, Itiviti, Tel: +44 20 7743 7223, Email: firstname.lastname@example.org
Will Winzor-Saile, Execution Architect, Redburn, Tel: +44 20 7000 2147, Email: email@example.com
Christine Blinke, Chief Marketing Officer, Itiviti, Tel. +46 739 01 02 01, firstname.lastname@example.org
Redburn, Europe’s largest independent equities broker, provides institutional investors with equity research and agency execution in Pan-European equity markets.
Redburn’s business consists of Research, Sales, Sales Trading and Agency Execution. Redburn Access also links investors to Redburn's network of industry executives and independent experts. Redburn is built upon a commitment to intellectual freedom, commercial research, best execution and premium client service. Its independence offers a compelling alternative to the integrated investment banking model.
Itiviti is a market-leading global provider of multi-asset trading technology and financial infrastructure solutions for buy-side and sell-side market participants, including NYFIX, one of the industry’s largest FIX-based trading communities.
Serving around 2,000 clients worldwide, we provide consistent, reliable access to the most up-to-date and innovative order routing, connectivity and trading solutions available. Top-tier trading firms, banks, brokers, exchanges and institutional investors rely on our technology, solutions and expertise to streamline their daily operations, connect to their desired markets, and trade when and where they want. All while being able to comply with global regulation.
With global offices in 18 locations covering all major financial centers the merger of Itiviti and ULLINK in March 2018 created a full-service technology and infrastructure provider, covering all asset classes, geographies and regulatory landscapes.
Itiviti is owned by Nordic Capital Fund VII.