New York, NY, October 18, 2017
The first initiative stemming from the eClerx Markets and FIA Tech’s Strategic Partnership is a centralized, EGUS (Electronic Give-Up Agreement System) Agreement Rate Schedule Digitization Solution. By combining eClerx Markets’ significant brokerage experience and process delivery expertise with Semantic Evolution’s technology for extracting unstructured data, the solution quickly and accurately digitizes pdf rate schedules into an electronic rate format (eRate) for upload into EGUS.
Oliver Snelling, eClerx Markets’ Senior US Sales Manager said, “We are delighted to have launched this initiative, which helps the cleared derivatives industry take full advantage of FIA Tech’s product portfolio. This particular brokerage solution is a module within the front-to-back agreement management and coding support we provide to several of the largest FCMs. Our ability to address this particular challenge for the industry, through the FIA’s member base, will ensure that all brokers gain the same deep domain expertise, improved control, and technology advantages that eClerx Markets delivers on client engagements today.”
Nick Solinger, President of FIA Tech, said, “The first phase of this initiative will focus on digitizing historical rate schedules for 10-15 firms, with the second phase including 15-20 brokers in the pipeline. Having introduced mandatory eRates with the deployment of EGUS 3.5, we felt it was logical to provide our members with a centralized solution that makes it easy for them to digitize their historical rate schedule populations. Following the successful release of Atlantis, the case for industry-wide rate digitization is now even stronger. While doing our due diligence, it became clear that the eClerx Markets and Semantic Evolution’s capability set offered the most proven industry combination.”
Executing and Clearing brokers will now be able to make full use of EGUS and further contribute to industry efforts to make EGUS the golden source of rate data that can feed into FIA Tech’s Atlantis platform and other brokerage systems to increase electronic settlement rates.
The broad partnership between eClerx Markets and FIA Tech is in response to industry requests to solve a number of shared challenges. Industry concerns include the need for common standards, such as accurate rate and commission data to ensure precise and efficient commission payment processing, as well as the ability to deliver systematic forecasting, reconciliations, accurate payment processing and insightful operational analytics.
eClerx provides critical business operations services to over fifty global Fortune 500 clients, including some of the world’s leading companies across financial services, cable & telecom, retail, fashion, media & entertainment, manufacturing, travel & leisure, software and high-tech. Incorporated in 2000, eClerx is one of India’s leading process management and data analytics companies and is today traded on both the Bombay and National Stock Exchanges of India.
eClerx employs 9,000 people across its global sites in the US, UK, Italy, Germany, and Singapore, along with its delivery centres in India and Thailand. For more information, please visit www.eClerx.com
About FIA Tech:
FIA Tech is a for-profit subsidiary of FIA that works with the listed derivatives industry to address operational inefficiencies that benefit from industry solutions. FIA Tech was founded in 2008 and operates the industry solutions for give-up documentation (EGUS), brokerage invoicing and settlement as well as ownership and control regulatory reporting for swap dealers, FCMs and exchanges globally. For more information, contact Heather Vaughan at +1 202-466-5460.
eClerx: Francine Falchook
FIA: Heather Vaughan
About Semantic Evolution:
Semantic Evolution’s proven and adopted the technology, Semantic Extract, extracts target data from unstructured documents and provides that data in a consumable format for end users. Semantic Extract uses proprietary AI techniques, machine learning, advanced semantics and NLP. This flexible and intelligent technology can scale across an organization providing businesses with improved operational efficiencies and a rapid ROI. Semantic Evolution is headquartered in London and has a global reach with offices in New York and Singapore. For more information, please visit www.semantic-evolution.com.