Progress Case Studies Top 5 Investment Bank Achieves Single Source of Truth

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	Top 5 Investment Bank Achieves Single Source of Truth Progress

Top 5 Investment Bank Achieves Single Source of Truth

Progress

Technology Category	Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Use Cases	Real-Time Location System (RTLS)
Services	System Integration
Challenge	The Bank, a major player in the derivatives market, was struggling with a legacy system that was slow, inefficient, and unable to deliver real-time alerts to manage market and counterparty credit positions in the desired timeframe. The existing system, based on a relational database, was comprised of multiple installations around the world, leading to duplicated, redundant, incomplete, and inconsistent data. This made risk management fallible and time-consuming, and the Bank recognized the importance of having a real-time global view of its positions. Read More
About Customer	The customer is one of the world's top investment banks, responsible for over one-third of the world's total derivatives trades. Their derivatives practice has a global footprint with teams that support credit, interest rate, and equity derivatives in every region of the world. The Bank has earned numerous industry awards and is recognized for its product innovations. The Bank's derivatives team is highly respected and plays a significant role in the global derivatives market. Read More
Solution	The Bank chose to build a derivatives trade store based on MarkLogic, replacing the incumbent technologies. This move replaced the 20 disparate batch-processing servers with a single operational trade store, enabling the Bank to know its market and credit counterparty positions in real-time, providing the ability to act quickly to mitigate risk. The accuracy and completeness of the data allows the Bank and its regulators to confidently rely on the metrics and stress test results it reports. The selection process included upgrading existing Oracle and Sybase technology. Meeting all the new regulatory requirements was also a major factor in the decision as the Bank looked to maximize its investment. After careful investigation, the Bank found that only MarkLogic could meet both needs plus provide better performance, scalability, faster development for future requirements and implementation, and a much lower total cost of ownership (TCO). Read More Log in to view content
Contents

Technology Category

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Use Cases

Real-Time Location System (RTLS)

Services

System Integration

Challenge

The Bank, a major player in the derivatives market, was struggling with a legacy system that was slow, inefficient, and unable to deliver real-time alerts to manage market and counterparty credit positions in the desired timeframe. The existing system, based on a relational database, was comprised of multiple installations around the world, leading to duplicated, redundant, incomplete, and inconsistent data. This made risk management fallible and time-consuming, and the Bank recognized the importance of having a real-time global view of its positions.

About Customer

The customer is one of the world's top investment banks, responsible for over one-third of the world's total derivatives trades. Their derivatives practice has a global footprint with teams that support credit, interest rate, and equity derivatives in every region of the world. The Bank has earned numerous industry awards and is recognized for its product innovations. The Bank's derivatives team is highly respected and plays a significant role in the global derivatives market.

Solution

The Bank chose to build a derivatives trade store based on MarkLogic, replacing the incumbent technologies. This move replaced the 20 disparate batch-processing servers with a single operational trade store, enabling the Bank to know its market and credit counterparty positions in real-time, providing the ability to act quickly to mitigate risk. The accuracy and completeness of the data allows the Bank and its regulators to confidently rely on the metrics and stress test results it reports. The selection process included upgrading existing Oracle and Sybase technology. Meeting all the new regulatory requirements was also a major factor in the decision as the Bank looked to maximize its investment. After careful investigation, the Bank found that only MarkLogic could meet both needs plus provide better performance, scalability, faster development for future requirements and implementation, and a much lower total cost of ownership (TCO).

Impact #1	Real-time risk monitoring, analyses, and actions
Impact #2	Cost-effective management of market and counterparty credit exposures
Impact #3	Derivatives are stored and traded in a single MarkLogic system requiring no downtime for maintenance, a significant competitive advantage

Impact #1

Real-time risk monitoring, analyses, and actions

Impact #2

Cost-effective management of market and counterparty credit exposures

Impact #3

Derivatives are stored and traded in a single MarkLogic system requiring no downtime for maintenance, a significant competitive advantage

Benefit #1	Replacing Oracle and Sybase significantly reduced operations costs: 1 system versus 20, 1 database administrator instead of up to 10, and lower costs per trade

Benefit #1

Replacing Oracle and Sybase significantly reduced operations costs: 1 system versus 20, 1 database administrator instead of up to 10, and lower costs per trade

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Overview

Top 5 Investment Bank Achieves Single Source of Truth

Operational Impact

Quantitative Benefit