Our client required that the 3rd party would have all of the same functionality and processes in place as their current users while maintaining a barrier between the two organizations. Items included in the split were as follows:
The first task at hand was to identify instances where the client had been referenced either by name or acronym within customizations, reports and databases. Through the use of scripts, propriety tools and other search methods, we identified and documented all references to the client that would need to be configurable to support the new 3rd party integration and use.
A new instance of the investment management environment and systems were created for the 3rd party, including: a new OMS and database instance, Citrix, Reference and Market Data Provider instance, and FIX Server.
Within the OMS, the client had custom tools and processes to streamline their workflows. This included the trading system customization and integration. For example, the client had a custom allocation flow that went into effect when a certain account was used. This flow needed to be mirrored for the 3rd party, but they would need a different fund and subsequently all references to this fund also needed to be changed and configurable.
The client also had many batch processes that needed to be considered. Many of these processes ran stored procedures to load data or to send out emails. All SQL database objects were created with parameters that could be passed in. This allowed the database objects to be the same for all environments. The recipient company name was passed into the stored procedures to distinguish which environment process was being run in.
The client had various scheduled reports and emails initiated through database executions and reporting services. The 3rd party wanted to leverage all the client’s reports. To accommodate this, parameters and conditional logic were added to the processes to control report and email headers, footers, comments and subjects.
For trade settlement, most investment firms integrate with a trade settlement software/system for order matching with a broker. We needed to work with the vendor to setup a new instance of the Broker Trade Matching Services. This consisted of updating configurations within the OMS, setting up users, setting up profiles, and testing the flow.
The final large effort item was setting up the OMS database for the 3rd party. The 3rd party wanted to use as much of the client’s reference and security data, in addition to keep the 3rd party’s historical trades that were in the system. Rather than starting from a new fresh database and adding the required data, we used the existing client’s database and scripted the removal of the client’s proprietary data and addition of new configurations.
The end result was a new OMS environment and integration sharing the same services for ease of support, integration and future development.