Trading and Clearing Platform Transformation

Trading and Clearing Platform Transformation

Case Study

Trading and Clearing Platform Transformation

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Customer Challenge

The customer, a large financial services organisation responsible for operating Canadian exchanges, wanted to consolidate its Equities and Derivatives exchanges as well as the Clearing, Settlement, Depository, and Risk businesses.

Previous attempts at selecting a viable set of vendors and products had been unsuccessful, due to a perceived disparity in stakeholder requirements. They retained Citihub to provide a transparent, neutral, fact-based approach to vendor selection.

How Citihub Helped

Citihub used its Strategic Solution Development framework to perform accelerated vendor discovery based on the client’s functional, nonfunctional, commercial and strategic requirements.

Internal stakeholders were engaged to contribute to a consolidated requirements framework, which was then used to downselect from a market space of twelve vendors to identify eight vendors for workshop sessions.

Vendors were provided with relevant materials and preparation to ensure the workshop sessions were focused, timely and relevant to the customer’s requirement.

Workshops were held with the shortlisted vendors covering functional, nonfunctional and commercial aspects, allowing the client’s SMEs and stakeholders to evaluate the relative strengths and weaknesses of the various vendor solutions.

These were then scored by all stakeholders according to an agreed weighting. Scores were collated and normalized and from this normalized scorecard, a number of recommendations for vendor and product solutions were made.

After a twelve-week process, a decision-making pack was presented at board level to adopt the recommendations.


Results

  • A cross-functional, requirements-driven approach with a quantified analysis of the client’s own needs provided concrete evidence to support decision making.
  • Citihub’s Strategic Solution Development (SSD) framework provided a mechanism to move from disparate business needs into a fact-based, auditable selection process.
  • This allowed the client to reach a conclusion in a twelve-week period which they had been unable to reach internally through previous failed attempts.
  • The process reduced the design process by a minimum of 8 weeks, saving $500k from the overall delivery budget.
  • The process unearthed some unconscious bias in the stakeholders’ scoring process which had skewed results in previous attempts at consolidated product selection. This allowed the customer to review and realign its organizational structure in order to avoid this ongoing bias.

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