BNP Paribas digitises pre-trade client workflows
BNP Paribas has implemented ipushpull's PPQ standardised messaging to streamline its manual workflow around non-standard, complex trades, for the firm's global asset manager community. PPQ has been designed to deliver enhanced efficiency, reduce operational and compliance risk and support trade negotiation.
Many buy-side firms have long highlighted the gap in the market for a way of digitising complex transactions between asset managers and sell side firms. For example, LDI trading and other complex workflows require a combination of digital and voice trading interactions in addition to tasks performed using chat, email and Excel spreadsheets. This also includes the need to streamline manual processes and operational risk associated with emails, file sharing and copy-paste, as well as providing quick and efficient responses.
PPQ is a pre-trade syntax which standardises and facilitates the negotiation process between the buy and sell side through a set of integrated data sharing and data-driven tools. It uses financial networks like Symphony to deliver the standardised syntax within private bilateral chats to allow trading and sales to communicate detailed information.
Chatbots can interpret key data within those messages, display them within a custom application and allow the end 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.
Ben Harvey, Senior LDI & Macro Rates Sales from BNP Paribas, says: “As a bank that is continuously innovating our technology and processes to enhance our client’s experiences, we are pleased to integrate data-driven automation to support our sales organisation in delivering service excellence.” Harvey added “Complex derivatives are the next area where we are focused on process automation and improvement. This also underlines our approach to the next generation dealing room and to further develop the non-price element of our customer offering.”
Matthew Cheung, CEO from ipushpull, says: “We are delighted to see the positive impact that PPQ has had on BNP Paribas’ operational workflow and risk mitigation. Our unified modular and cloud-based approach enabled us to rapidly deliver this solution into production and provide quantifiable benefits.”