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Trading operations: Intelligent automation and the T+1 mandate
Journal of Securities Operations & Custody,
16
(1),
70-85
(2023)
Abstract
As the financial services industry is finalising the adoption and implementation of the shortened settlement cycle on 28th May, 2024, and its implications to procedures, technology and behaviour, this paper lays out the benefits, challenges and best practices to ensure a smooth transition and implementation to all participants. The implications of these changes are enormous and open companies up to a variety of risks. This paper informs best practices to ensure a seamless integration, including operational, risk and communications. In addition, the paper focuses on practical steps to automating processes, centralising data and utilising technology to create a more efficient future. It points out that by utilising technology as a mechanism for continuous improvement, not only will companies be able to meet implementation requirements of this T+1 mandate but also create a mechanism to continue to meet regulatory changes. By utilising technology to create an environment of continuous improvement, powered by work orchestration, a fundamental shift in workforce behaviour can begin. In doing so, companies can ensure that they meet the operational requirements of this mandate, leading to efficiencies throughout their organisation and an improved employee and client experience.
Keywords: work orchestration; post-trade processing; streamlining; technology and automation; continuous improvement; trading operations; T+1; capital markets; asset management; banking; wealth management; trade settlement
The full article is available to subscribers to the journal.
Author's Biography
Laura Ryan is the Director of Wealth & Asset Management GTM for the Americas for ServiceNow. Laura is responsible for working with Wealth & Asset Management customers to focus on the efficiency and productivity initiatives and digital transformations throughout the front, middle and back office. Prior to ServiceNow, Laura spent over 14 years at BNY Mellon Pershing, most recently in a product and operational consultant role, where she worked with Pershing’s most strategic customers to help them to utilise the platform more effectively and increase their revenues. In addition, she was responsible for the execution of many corporate-wide initiatives, most recently in a leadership capacity in the company’s ‘Go Digital’ project during the COVID-19 pandemic. She was responsible for mobilising a team of over 100 associates to help customers utilise the digital capabilities available on the NetX360 platform. She helped guide the development of strategy, training, resourcing and execution of this 12-month project. Laura has over 25 years’ experience in financial services. Her career has spanned roles in accounting, operations, user acceptance testing and product and operational consulting. She is licensed with both her series 7 and 24.
John Almeida is the Global Head, Wealth & Asset Management at ServiceNow who leads the go-to-market strategy and industry point of view for these financial services industry sub-verticals, including capital markets. John is responsible for addressing the challenges and trends of the wealth and asset management industry, focusing on client-facing initiatives, front, mid and back-office transformation and productivity using ServiceNow as the platform for automation, efficiency and connectivity. John has over 16 years’ experience in the financial services space, previously leading Salesforce.com’s financial services cloud go-to-market strategy, industry point of view and product launches for wealth, asset management and banking. He was also a Master Enterprise Architect within the financial services vertical at Salesforce, developing enterprise architecture strategies for some of the largest financial services accounts that encompassed business process strategies, data architectures, integration architectures, security architectures and implementation roadmaps. Prior to that, John also led Fidelity Investment’s Asset Management team, providing the strategic digital transformation vision including processimprovement strategies, business analytics and risk mitigation.
Alan Paris is a Principal Success Architect at ServiceNow supporting AMS Financial Services. Alan’s previous roles at ServiceNow include Senior Executive Enterprise Architect, Global Financial Services Risk and Compliance Architect (FSO & IRM) and Risk Solutions Sales Specialist in Med/SLED. Formerly Director of BFSI Customer Success at MetricStream, Alan supervised a portfolio of GRC Integrated Risk clients. Previously, he was Global Head of Financial Crime and Compliance Analytics at a major ratings agency. Alan is a Certified Anti-Money Laundering Specialist (CAMS). Before that he served as Head of Product Development, Consulting, and Global Accounts at a major business process outsourcing company. In this role, he led 500-person delivery teams responsible for investment banking middle and back-office operations, regulatory, compliance and financial reporting. He worked as an Executive Director at EY where he led the 50-person Technology and Operations Solutions Enablement Group.
