Meritsoft, a Cognizant company, has announced the integration of Taskize’s collaborative workflow tools into its Trade Tracking and Exception Manager (TTEM).
Daniel Carpenter
With the imminent launch of T+1 in the US, Canada, Mexico, and Argentina by the end of May, the reduction in settlement cycles for equities and bonds will slash matching times by up to 80%. This intensifies the pressure on market participants to match trades promptly, meeting settlement deadlines and avoiding associated costs.
Daniel Carpenter, CEO of Meritsoft, said: “The process of manually identifying and intervening to prevent or resolve a failed trade takes significant operational resources and all too often relies on a web of email and phone communication. In the context of T+1 and growing pressure to resolve settlement issues quickly, the integration of Taskize into our trade tracking and exception management system is a significant step in helping market participants to streamline their settlement processes.”
The London-headquartered firm said that it’s TTEM monitors the entire trade lifecycle, delivering live updates on trade matching and settlement statuses. This will allow users to pinpoint at-risk trades and take quick action internally or externally to ensure timely matching.
James Pike, interim CEO of Taskize: “Financial markets are becoming more complex and interconnected; as trading volumes increase, new regulations are implemented, and new markets rise to the fore. In this context, interoperability of post-trade systems is essential.
The integration, showcased live at the Taskize Forum 2024 in London, allows operations teams to quickly tackle issues that could lead to trade failures.
TTEM users can initiate trade settlement queries within the TTEM Trade Window, simultaneously creating a secure workspace, termed a Bubble, within the Taskize platform. Taskize’s smart directory connects TTEM users to the appropriate counterparties for query resolution, irrespective of their communication tool.
Pike added: “Our integration with Meritsoft is a testament to our commitment to connecting front and back-office teams, enabling the smarter allocation of work to speed up time consuming manual exception resolution tasks and, as a result, navigate the increasingly complex market environment.”
Taskize said that through utilising TTEM’s AI capabilities, users will be able to benefit from automated Bubble creation. TTEM’s AI utilises predefined rules, historical trade data, and current lifecycle statuses to initiate queries in Taskize easily, further enhancing platform efficiency.