Case study

J.P. Morgan FX Prime Brokerage turns to OSTTRA to cut Designation Notice onboarding times

Challenges

FX prime brokers face cost and complexity challenges managing Designation Notices. These FX tri-party credit agreements tend to be managed on a variety of in-house and third-party platforms, resulting in complex, duplicative workflows and the potential for errors in the setup and maintenance of credit lines.

 

Our solution

OSTTRA Designation Notice Manager, powered by Traiana, has been adopted by J.P. Morgan FXPB as a single platform to establish, monitor, amend and terminate Designation Notices across all Executing Broker (EB) relationships, including EBs not on the OSTTRA Designation Notice Manager network.

The solution integrates seamlessly with OSTTRA CreditLink, synchronizing limits for real-time monitoring and control of trading activity.

During the project, the OSTTRA team worked alongside J.P. Morgan FXPB to onboard more than 2,000 designation notices. This has resulted in streamlined workflows with the all the EBs already on our network, as well as the ability to manage ‘offline’ EBs using the same tools and processes.

By fully adopting OSTTRA Designation Notice Manager, the team at J.P. Morgan FXPB have seen an improvement in DN onboarding times from up to 8 weeks to less than 3 weeks

 

“Standardising the management of our DNs on OSTTRA Designation Notice Manager has delivered real advantages. Having all DNs in a single system, managed through a common process has brought efficiencies, cut onboarding times and reduced the potential for errors.”

“The ability to automatically synch limits with OSTTRA CreditLink is also a key benefit, ensuring limits are maintained and monitored in real time.  We look forward to working with OSTTRA on the next level of integration, incorporating additional FXPB agreements such as Reverse Give Ups, Double Give Ups and Switches.”

Leah Mallas, Global Head of FX Prime Brokerage and FX Clearing at J.P. Morgan

 

Customer benefits

Effective, streamlined, and flexible Designation Notice management and intraday risk limit monitoring.

Operational efficiency

  •  A unified solution for managing all Designation Notices, reducing complexity and duplication

Enhanced credit risk management

  • A golden source of all tri-party credit lines
  • Integration to either in-house Credit Risk systems or OSTTRA CreditLink to monitor limits in real time

Streamlined infrastructure onboarding

  • Fully resilient managed infrastructure
  • Partnership with experienced OSTTRA team for onboarding and ongoing operational support
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