Transforming post-trade operations with smarter matching

How we helped a global firm modernize their post-trade processing.

Client snapshot

• Global asset management firm with offices across US, EMEA and APAC
• Daily equity trading volumes of 33,000+ block trades
• Equity trading spanning long/short, macro and arbitrage strategies

Our NYFIX Matching solution helps clients match trades faster, reduce manual work and costs, and scale post-trade operations.

OVERVIEW

As trading volumes grow, the work behind each trade can become harder to manage. Delayed status updates, manual broker follow-ups and mounting processing costs can leave operations teams spending more time chasing information than supporting the business.

By working with Broadridge, the firm modernized and accelerated post-trade processing to deliver faster, more accurate trade matching and scalable workflows, while streamlining broker connectivity and reducing manual effort to improve operational efficiency and generate significant annual savings.

CHALLENGE

As volumes surged, post-trade delays became impossible to ignore

As the client’s equity trading business rapidly grew, they found that their existing post-trade process could no longer keep up. Increasing trade volumes, delayed status updates, and rising operating costs were putting added strain on their teams and limiting efficiency.

The client faced challenges in:

• An outdated file-based post-trade matching system that processed trades sequentially, causing delays
• Long wait times for trade status updates, with thousands of trades still unresolved late in the day
• Operations staff had to manually chase brokers/counterparties for updates
• High costs with its existing provider

SOLUTION

A FIX-based approach built for speed and scale

The firm selected NYFIX Matching for its combination of scalable technology, speed, cost savings, multi-asset support and client service.

A key differentiator was the use of the FIX protocol. By enabling orders to carry consistent instructions and unique identifiers from origination through settlement, the solution streamlined bilateral communication between the firm and its brokers, creating a T+0 settlement cycle.

Phased implementation with direct broker coordination

The NYFIX team coordinated directly with brokers, allowing the firm to take a relatively hands-off approach to implementation. Onboarding began with less frequent counterparties before progressing to higher-volume brokers. The impact was immediate: greater speed, increased processing capacity and improved accuracy.

BENEFITS

Greater capacity with less operational effort

NYFIX Matching continued to deliver value as the firm’s business expanded.

• At least $500,000 in annual cost savings: The firm reduced the time and effort required to manage post-trade processing compared with its previous system
• After-hours operations reduced from two hours to 20 minutes: Faster matching freed the operations team to focus on other priorities instead of monitoring screens for updates
• Less counterparty follow-up: FIX-based communication dramatically reduced time spent chasing trade status updates. When outreach was necessary, exportable reports helped identify outstanding items