Exness has opted to integrate SunGard’s IntelliMatch Operational Control solution to help meet a growing cascade of reconciliation and compliance requirements being imposed on foreign exchange (FX) brokers.
More specifically, this entails the management of rapid volume growth and stricter oversight in terms of FX reconciliation. To help satisfy these needs, SunGard will be providing back-office support for Exness amidst a period of global expansion for the broker. In addition, SunGard’s solutions will provide Exness with heightened levels of automation, multi-asset-class capabilities, and scalable infrastructure.
SunGard’s IntelliMatch Operational Control was designed to facilitate not only support growth, but also more extensively control tighter transactional risk methodologies, better suited towards satisfying regulatory compliance measures.
According to John Taylor, Chief Financial Officer (CFO), Sungard, in a recent statement on the integration, “As we look to grow our global presence, not only in emerging markets but also in more established markets, IntelliMatch Operational Control will play a key role in supporting Exness’ ongoing expansion and rising transaction volumes.”
“It will give us confidence that cash and payments are managed correctly and quickly and it will help us reduce operational risk right the way through the trade lifecycle. We chose to work with SunGard not only for its solution’s advanced capabilities, but also for its proven track record and pedigree in establishing reconciliation best practices for leading financial institutions across the globe. This represents just one step in our broader implementation of what we hope will be a world leading control infrastructure within the sector in the not-too-distant future,” he noted.
“Fast-growing organizations like EXNESS work with SunGard for solutions that help them scale to new requirements and manage the compliance challenges of new markets. On top of its ability in handling multiple instruments and asset classes, EXNESS, with the implementation of IntelliMatch Operational Control, will be able to demonstrate to investors and regulators that they have the necessary controls and checks in place, including those for separately managed accounts,” added Jennifer Hanes, Chief Operating Officer (COO) of SunGard’s reconciliation business in an accompanying statement.
During late August, SunGard made headlines after its software system malfunctioned, which caused a breakdown of trading on Bank of New York (BNY) Mellon’s platform and left billions of dollars in a precarious state of disarray.