Natwest Markets trading desk adopts PPQ from ipushpull
Natwest Markets has implemented the newly launched PPQ (Pushpull Quotes) workflow solution that streamlines manual workflow around non-standard, complex trades, from ipushpull, a live data sharing and real-time workflow automation platform.
At the same time Neil Weatherall has been hired to lead technical sales and PPQ product development.
PPQ is a pre-trade workflow tool which standardises and automates the negotiation process between the buy and sell side. It uses financial networks like Symphony and standardised syntax within private bilateral chats to allow trading and sales to communicate detailed pricing and quote information.
Chatbots can interpret key data within those messages, display them within a custom application and allow the user to drive the workflow from a single screen. Data mapping transforms incoming and outgoing data into the required format, creating an extensible solution to interoperate between new and existing standards. The inclusion of structured data objects within messages, containing instrument definitions, event descriptions and a wealth of other metadata, can further aid automation of pre-trade workflow.
Natwest Markets plus a further three top tier banks and one of the largest UK asset managers are already using PPQ and with a strong pipeline of interest, including further customers expected to adopt PPQ early in 2021.
Matthew Cheung, CEO of ipushpull, says: “We are seeing a massive acceleration of digitisation in capital markets. A convergence of live data sharing, chatbots and cloud means pre-trade workflow for non-standard complex trades can now be streamlined. ipushpull allows both buy side and sell side to take advantage of this.”
Neil Weatherall has joined Pushpull Technology following a long career with Natwest Markets and RBC Capital Markets. Weatherall started his career at Natwest in 2002 and went on to become Head of GBP Inflation. Rapid growth in the LDI industry and hedging programmes saw trade volumes increase exponentially across a diverse client base and as a result Weatherall has overseen large scale changes in the technology employed to price, book and manage trades.
Weatheral adds “I’m excited to join ipushpull at such a time of momentous change in working practices across financial markets. Eliminating manual processes, creating standardisation and improving efficiency are paramount.
"There are a significant number of complex instruments or package trades where the Pre-trade negotiation process is ripe for digitising and enhancing through our PPQ service.” He continued “I’m looking forward to helping our clients move towards frictionless and seamless workflows, providing higher quality data and intelligence around their trading activities.”