Software provider Genesis announced on Thursday that it has partnered with LCH to develop three new workflow solutions for the Clearing House ’s ForexClear service.
According to the software company, the three products have been designed to automate workflows.
The partnership comes after the LCH announced it was looking for a company to build a solution which would automate its FX ‘option expiry’ process.
Having reviewed the proposals of a number of different companies, LCH decided to go with Genesis.
The software developer says that its new solutions will improve workflow speeds. This, in turn, should increase LCH’s FX trading volumes for its ForexClear service.
“We’re pleased that genesis has supported us in developing a tool to automate exercise and options expiry, bringing enhanced operational efficiency to the benefit of our members and clients,” said Christophe Noblet, Chief Operating Officer, CDSClear, LCH.
From FX to CDS
Having completed its work on the ForexClear project, Genesis is now working with LCH to build a new set of solutions.
The software provider says it is building member and client web portals for SwapClear - LCH’s interest swap Clearing service.
Alongside that, the firm will also be building a credit default swap (CDS) option electronic exercise platform for LCH’s CDS clearing service, CDSClear.
“We are very excited and privileged to work with such a prestigious client as LCH,” said Genesis chief operating officer James Harrison.
“This was a truly collaborative and blended effort between the LCH and Gensis’ teams and we are very proud that we were able to support LCH and deliver exceptional products both ahead of time and within budget.”
