Press release: for immediate release
‘Financial DVT’ blocking trade arteries, warns Xenomorph
Risk managers and front office staff spend up to 50% of time verifying information
London, 27 Mar 2007
‘Data Verification Time’ (DVT) is stalling the financial services industry, according to the CEO of Xenomorph.
Research and other trading staff are spending around half their working day manually validating data, and not enough time analysing it and creating value. With increasing data volumes, data sources and data complexity, this vital productivity issue is set to get worse unless it is effectively addressed, said Brian Sentance, CEO of Xenomorph.
“Financial markets move at such a pace that not having the right information to hand is the biggest sin a trading floor can commit. It’s essential that the information supporting any trading or risk decision is correct, but it’s unacceptable that people in these front line roles are spending so much of their time manually checking through it,” said Brian Sentance, CEO of Xenomorph. “I think everyone in the industry acknowledges the theoretical benefits of the ‘Golden Copy’ approach in data automation, but there has been a lack of attention paid to the mundane day-to-day data validation tasks that are part of the daily routine.”
“We work closely with our clients to automate the validation of all types of data for all asset classes, allowing them to focus on the priority issues that need addressing. From algo trading at one end to structured products at the other, data volumes and complexity are on the up. Data Verification Time is a clogging up our financial markets, and must be reduced for them to operate efficiently,” he concluded.
Notes to editors
About Xenomorph
Xenomorph delivers real-time analytics and data management solutions to the financial markets. Our TimeScape technology leverages our clients’ proprietary expertise, and in so doing enables faster time to market for new financial products, new risk techniques and new trading ideas. Trading, research, risk, product control, IT and back-office staff use Xenomorph’s TimeScape cross-asset data management platform at investment banks, hedge funds and asset management institutions across the world's main financial centres.
For sales enquiries please contact:
Brian Sentance +44 20 7614 8600
For further press information and photography please contact:
Ross Haddow at LEWIS, the PR agency
Tel: +44 (0) 20 7802 2626
Fax:
+44 (0) 20 7802 2627
Email:
Website:
www.lewispr.com