Singapore
14 October 2015
Reporter: Mark Dugdale

Forex broker chooses SunGard for reconciliations


International foreign exchange broker Exness has implemented SunGard’s IntelliMatch Operational Control solution to meet its new reconciliation and compliance requirements.

SunGard has set the solution up to initially reconcile Exness’s internal records with those of multiple payment service providers. It will also meet the broker’s key requirement to support client money segregation.

Exness has implemented IntelliMatch Operational Control at a time when it is experiencing significant growth. In Q2 2015, its trading volumes increased by $111 billion to exceed $660 billion in total.

John Taylor, Exness’s CFO in Singapore, said: “As we look to grow our global presence, not only in emerging markets but also in more established markets, IntelliMatch Operational Control will play a key role in supporting Exness’s ongoing expansion and rising transaction volumes.”

“It will give us confidence that cash and payments are managed correctly and quickly and it will help us reduce operational risk right the way through the trade lifecycle.”

Jennifer Hanes, COO of SunGard’s reconciliation business, added: “Fast-growing organisations like Exness work with SunGard for solutions that help them scale to new requirements and manage the compliance challenges of new markets.”

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