Case Study: How UnaVista Onboarded 440 Clients in Less Than 6 Months

The FSA said:

“The FSA chose the London Stock Exchange because it is an organisation that has been handling transaction reporting for many years, and with its transaction reporting solution on UnaVista it was seen as an ideal choice for TRS clients.”

UK Hedge Fund said:

“We are pleased with the new UnaVista platform that we are now testing on a daily basis. The functionality and support are excellent.”

A spread-betting firm commented:

“So impressed with the system, I wish everything could be programmed this well”


Overview

FSA (now called FCA) were looking for functionally rich ARM to replace its Transaction Reporting Service in 2011. Prior to that, their TRS platform supported over 400 firms, ranging from small brokers reporting a few trades per day, to large banks reporting in excess of a million per day.

The FSA made the decision to put TRS up for tender using a list of minimum requirements:
• The capacity to deal with the high volume of daily transactions;
• The flexibility to manage an extensive and varied client base;
• The resource to provide a trained customer support function;
• A background in the market to reassure TRS clients and safeguard the FSA’s reputation.

After a rigorous selection process, UnaVista was chosen by the FSA as best able to meet their requirements.
Once the decision was made, UnaVista contacted all the TRS clients to welcome them and share their plans to upgrade them from the TRS system to the UnaVista Transaction Reporting service.

Business Challenge

The overwhelming clients' feedback was that the transition had to be seamless as there was no appetite to make mandated technical changes to their existing reporting processes. To this end, the UnaVista team put in place an ambitious plan to have all 500 clients trained and migrated onto the UnaVista service within a six-month period. 

Why UnaVista?

Robust and scaleable

The “hub and spoke” technical infrastructure of UnaVista was designed to be scaleable, allowing the Exchange to migrate all clients on to the platform, an increase in daily traffic of 2540%, with no adverse effect on its processing performance.

Flexible data formats for quick transition

With UnaVista’s ability to take in data from clients in any data format, the migration required no technical resource, apart from automated clients redirecting their FTP destinations. This meant the transition could be quick and straightforward, highlighted by the number of clients ready to migrate the first day the acquisition was legally completed.

Training and support

Every TRS client was given a range of training options to help them interact with the new UnaVista website which, based on clients’ comments, was intuitive and informative. An online training portal with 13 modular training videos was set up to allow clients self-train, on-demand in their own time. Open weekly WebEx training sessions allowed firms to get more in-depth training from their own desk and enabled them to ask questions to the trainer.

Dedicated account manager

The clients were also assigned a dedicated account manager, and a direct phone line and email address for any one-on-one support queries they may have had.

Advanced reporting tools

Clients on the old TRS system had found that, having submitted transaction reports to TRS, they received limited validation failure reasons and there were no management reports. UnaVista, in contrast, offered a simple, fully audited workflow process with a range of validation, matching, reconciliation, analytical and reporting tools. These tools have enabled firms to have visibility of reporting failures and the controls to manage the handling of these exceptions.

Smooth onboarding

Over 98% of the clients were on-boarded and reporting through UnaVista within the 6 months’ timescale. Each client received training on the new system and now benefits from the improved functionality and dashboards.

Additional services

A number of the new clients have since taken advantage of the additional services that are available on the UnaVista platform, such as replay and reconciliation solutions, global and MiFID targeted reference data and the confirmations platform.

Part of the large UnaVista community

With the biggest community of transaction reporting firms, UnaVista continues to develop solutions that span the post trade space and aid clients in the mitigation of operational risk, whilst continuously monitoring the regulatory landscape.

UNAVISTA FEATURES

• Quick and easy to set up new clients as UnaVista can receive data in any format

• Highly scalable design ensuring UnaVista can cope with vast volumes and a varied client base

• Full auditing and reporting dashboards allowing firms to view both high-level and low-level detail

• Functionally rich transaction reporting service offering clients the security of additional validation

• Support and training infrastructure to assist clients and help keep them up to date

UNAVISTA STATISTICS

• 440 new clients on-boarded in 6 months

• 10 days on boarding per client

• 1,300 new users

• 5 million transaction reports submitted per day

Conclusion

With the extensive level of knowlegde, expertise and resources of UnaVista, and the experience of our onboarding team, this challenge was overcome and a large number of clients have been migrated painlessly and quickly to be able to report through UnaVista’s platform. Like it was proven many times in similar situations, UnaVista is able to deliver transition within very tight and ambitious deadlines.