Optiver New Process Approval Case Study
In a rapidly developing trading and regulatory environment, ensuring appropriate review and approval of new trading related strategies through traditional communication channels was becoming untenable. The risks associated with executing a strategy without clear due diligence and approval, and the need to minimize 'time to execution' meant that Optiver needed to find a new efficient and automated approach.
We worked closely with Optiver to understand the nature of their New Process Approval (NPA) process, together with the highly diverse needs of each of the participants in the process. Our 5 phase development methodology allowed us to define the system's functionality to closely fit Optiver's NPA process and user needs, whilst allowing real flexibility to adapt and enhance the system as needs change either prior to, during or following deployment.
Optiver was able to deploy and commence using the NPA system within 4 months of initial scoping discussions with Tonic. Users are able to quickly view and easily understand at what stage each new strategy is at within the approval lifecycle.
As a result there is a high level of "Buy-In" to the system, which has allowed its use and users to expand beyond the original remit - Tonic has worked with Optiver to frequently enhance the system over its 2 year lifespan, with seamless integration to the live platform.
The embedded NPA system now caters for an ever increasing volume of new trading strategies across the Asia Pacific region for Optiver.
" Tonic's software has a distinct advantage in its adaptability to cope with our changing functional requirements. We always get exactly what we want, and we only ever pay for what we use. "
Murray Comer, Operational Risk Manager, Optiver.
" Tonic's agile development methodology has been a key strength from our perspective - it is what differentiates them from their competitors "
Steve McCartney, Chief Risk Officer , Optiver.