Low latency trading systems
Program management and solution design
Technology start-up company needed to deploy a low latency, proximity market data and order routing infrastructure into 16 European exchanges in 12 months; this was a multi million pound green field project. Alera’s services were engaged to programme manage the implementation of the trading ecosystem.
Alera was instrumental in the design of a cutting edge market connectivity solution differentiated from contemporary offerings in the marketplace and exceeding the needs of any modern trade execution businesses.
Alera subsequently modelled a project budget and implemented a cost tracking matrix enabling budget signoff from stakeholders. With an approved budget Alera negotiated contracts with technology suppliers, sub contractors and progressed necessary agreements with Exchanges.
To ensure control of the multi faceted implementation Alera designed a matrix project planning and quality monitoring system covering market data feeds, order routing access, network, data centres, hardware, and software suppliers to speed and synchronise deployment at each Exchange and ensure controls on project expenditure. Alera’s proprietary matrix management systems has subsequently been successfully applied to enable professional and timely delivery of other complex projects.
In addition to implementing the entire low latency architecture in record time Alera productised and packaged the service offerings and documented competitive SLAs for onboarding new clients.
Case Studies
Central matching engines and exchange connectivity
Market readiness Implementation for new Exchange system
A London domiciled regulated investment exchange needed to deploy a MiFID compliant exchange trading system and decommission a legacy system.
Alera consulting was engaged to manage market members, market data suppliers (ISVs) and order routing technology houses (MDVs), to ensure they would be ready to operate on the new matching engine without interruption to their business operations.
To achieve this Alera implemented and operated a market readiness division enabling successful migration of all market Participants to the new platform in seven months. Tasks included internal and external stakeholder communications, design and implementation of a market readiness web site, management information systems, test scripts, supporting technical documentation, and operational procedures.
The new exchange went live with all market Participants able to continue their business on the new exchange platform in addition a marked improvement in Participant's satisfaction was achieved.
Case Studies
Front to back office enterprise trading applications
Expert industry analysis and integration management
For 18 months Alera provided ad hoc IT project management and business analysis services across different divisions of the Equities trading division in a tier one investment bank.
This varied role included analysis, documentation and planning for migration of the bank's exchange connections. Setup of a programme management office and project initiation, decomissioning a Credit Default Swap trading system and front to back business analysis and project management for Novating 6,000 OTC securities
Asset management
Change management and process design for UK Government
In 2005 the UK Government needed to restructure and modernise a fund management office of approx 70 staff with securities, properties, chattels and cash under stewardship.
Alera programme managed the modernisation of the asset management processes and systems; this involved supervising multiple project streams across different operational divisions of the office, redesigning and implementing audit and management information systems whilst mitigating any risks and managing stakeholder expectations.
Following a successful and timely completion of the modernisation the business was transferred to the private sector.
Case Studies
MiFID and business re-engineering
Regulatory impact Industry analysis and strategic consulting
A few months prior to the launch of the MiFID I regulations in Europe Alera completed an industry analysis to identify emerging opportunities for a IT and telco services company as a result of impending MiFID legislation.
Alera identified and documented products and solutions that would emerge as a result of the new legislation, this analysis proved accurate enabling forward looking decisions ahead of the market. The business restructured accordingly and developed into a growing and successful IT services brand.
Case Studies
Global FIX order management
Integration management
Managed the implementation of buy side order routing connections to a Investment bank's global order management and execution system this involved implementation of internal connections for routing orders to the banks regional trading desk to provide a 24/7 global execution management service.
To streamline the buy side connectivity service developed auditing, classification and management systems that significantly improved implementation times, global management and auditing of FIX connections.
Case Studies
Equity order management and execution
Business analysis and Project management
Alera project managed market connectivity of a tier one investment bank’s equity trading system to the Borsa Italiana achieving significant cost, time to market and risk reduction. This was achieved through leverage of contacts at the Borsa, creative use of technology, accurate monitoring of project objectives, reporting, and risks.
In addition to delivering market connectivity in record time Alera to designed a price feed that ensured best execution prices to buy side, a cutting edge solution at the time and investigated a strategic solutions for the banks equity order management and execution system’s exchange connectivity.
Alera also produced world class risk analysis, technology impact and feasibility studies, testing scripts, release notes and training materials for the bank.
Case Studies
Matching engines, payment and settlement infrastructure
Management and Technology consultant
Evaluated pre-trade, trading, and post trading technology solutions using SWOT, PORTER, and Boston Consulting methodologies for strategic marketing paper for the premier Italian capital markets technology services company. Key activities involved co-advising senior management on a two year international marketing strategy and documenting an implementation plan for the strategy. Alera also completed a competitive analysis for a successful bid to build and operate an national inter bank settlement and payment system.
Alera was also instrumental in the negiotiation and documentation of Service Level Agreements for the operation of bond, equity and money markets.
Alera also acted as the client's Interim Account manager interfacing the largest investment banks in the city of London.
Case Studies
Cross asset PnL and Market Risk
Business Analysis
Alera analysed and verified fixed income, equity derivatives and futures, FX and equity market values and developed a good understanding of models for valuation of Convertible bonds in a global investment bank. Alera also restructured the trading desk’s permissions, verified valuation models and decision data (delta, gamma, beta, rho) in the PnL and risk management system.
Low latency trading systems