Large European Bank
Client had identified that they had significant potential exchange fee liabilities dues to excessive access to market data by the 100+ realtime users. The decision was made to implement Murex Reuters OpenDacs module and we provided a fixed price quote to design, test, implement and ensure compliance to licence agreements.
The project involved the functional, performance and stability testing of Module, including fixing of a number of critical bugs. We then designed a roll-out plan to minimise the impact on the users.
Roll-out involved initially enabling the module but allowing full access to all exchanges and gathering data on which users were accessing which exchange. Then after a short period of time users were informed of which exchanges they were not accessing and their access to those exchanges removed.
A process was then put in place to remove access on a quarterly basis from users who had not accessed an exchange to ensure costs were kept under control. In addition we implemented a solution to provided 20min delayed dataset to users. This allowed users who did not need live prices to avoid costly exchange fees.