Following on from the success of PEAR, the company’s online market data policy and pricing application, Axon is now providing an outsourced solution for the exchange and vendor reporting process called ADS (Axon Declaration Service). The service has been running successfully for several months and the current customer base includes firms of all sizes from hedge funds to tier one banks.
ADS automates the time consuming elements of preparing exchange and vendor declarations through the implementation of comprehensive, client specific rule sets. This systematic approach improves data accuracy by removing repetitive manual processes.
From a customer perspective, the service couldn’t be simpler. On a monthly basis the relevant customer files are transferred, via SFTP, to Axon’s cloud based geo-redundant storage container, hosted on Microsoft Azure. From within the Azure environment the data is imported into a database for processing by the ADS application.
The resulting output consists of the required exchange declarations in the correct format for each exchange/vendor and a set of standard management reports showing deltas between current and previous declarations, analysis of costs and savings as well as customer specific reports to ensure complete transparency from our service.
ADS is integrated with PEAR to ensure the correct policies for each exchange are being applied. This approach not only ensures compliance with the numerous exchange rules, but also highlights where there is the potential for cost savings through netting programs, such as MISU, and role based exemptions.
Aaron Garforth, CIO says "The service is not pitched entirely as a cost cutting offering, although typically it does give rise to savings of varying degrees. We see ADS as a function that should already be in place at all firms who consume market data to allow them to make more valuable use of their time, whilst also helping them to report more accurately."
Garforth goes on to say, "We believe ADS provides a unique and competitive alternative to expensive onsite consultancy, whilst still delivering a professional and personalised level of service."