London-based clearinghouse LCH has implemented three new workflow automation solutions from software provider genesis, across its foreign exchange, swaps and CDS clearing lines.
In order to support increased volumes at its ForexClear service, LCH adopted a geneis-developed exercise and expiry service to automate the FX ‘option expiry’ process, which was developed and successfully tested within a number of weeks, according to the vendor.
Upon completion of the ForexClear project, genesis collaborated further with LCH to build a suite of complementary solutions; member & client web portals for SwapClear, and a CDS option electronic exercise platform for CDSClear, similarly to help to support business growth.
“LCH is experiencing continued growth across a multiple asset-classes, serving an increasing number of market participants who are looking to clear their activity,” said Christophe Noblet, chief operating officer at CDSClear, LCH.
“We’re pleased that genesis has supported us in developing a tool to automate exercise and options expiry, bringing enhanced operational efficiency to the benefit of our members and clients.”
genesis was founded in 2015 by two former HSBC bankers, Stephen Murphy and James Harrison, to build out a microservices technology framework for the industry, including buy-side, sell-side, trading venues and clearing houses. The startup said it has raised $3 million from UK venture capital firm Illuminate Financial and New York venture group Tribeca Angels in November.
Last month, London-based prime broker Linear Investment implemented a real-time portfolio margin management tool delivered and designed in partnership with genesis.