Global Markets – Target Operating Model & Program Delivery

Situation

Global Markets Operations; FICC business – post-trade
London, New York, Paris, Hong Kong footprint. Rates, Credit, Repo markets. Full Securities Operations scope including Asset Servicing.
Software package selected. Greenfield program.
Multiple critical F2B interfaces including Finance and Group Treasury feed

Governance : Setup three tier model: Advisory Board; SteerCo; Working party – covering all stakeholder groups
Team : Mobilised core team from scratch, blending experienced internal and external resources – 25fte
Vendor delivery : Included vendor Product SME in working party – partnership approach. Designed commercial construct to establish first ever ASP contract (on
demand, transaction pricing) for the vendor despite their well established product (licence, onsite) model
Scope : All cash fixed income products across 5 booking centres with approximately 25 interfaces. Significant Balance Sheet impact
Financials : Total program cost circa $25m; controlled Year 1 costs to ensure validated TOM in place prior to implementation launch
Roadmap : Detailed roadmap and global phasing designed and approved. Delivered full Target Operating Model including Application Architecture, future state process catalogue, Operations/Finance boundary (sub-ledger); Operations control environment; and Inter-company booking model

Domain Matters took on Program Management role from Day 1.
Full program team mobilised including Operations SMEs, PMO; BA; TA and Application Architect roles
Vendor ASP contract designed in conjunction with in-house Legal and Technology teams
Full TOM prepared, delivered and approved by COO and CFO of Global Markets
Primary booking centre live (London) and application service is stable and performant
Long term roadmap (phasing, per booking centre)