Barclays announced a hackathon for market participants to code and showcase solutions that explore novel industry architectures for repo post-trade services. It will take place on 27 – 28 September in London, UK.
Teams will use FINOS’ Common Domain Model (CDM) industry standard and Barclays-provided APIs in order to prototype solutions, with the potential to improve efficiency in post-trade processing. This follows other previous industry hackathons on the CDM (Barclays DerivHack 2018 and Barclays DerivHack 2019), and is a collaboration with the International Capital Market Association (ICMA), International Securities Lending Association (ISLA), International Swaps and Derivatives Association (ISDA) and the Fintech Open Source Foundation (FINOS)
Current solutions are complex and inefficient, partly because each market participant typically builds, operates and maintains its own repo trade management infrastructure. Each market participant interacts in a complex ecosystem including dealers, clients, trading and middleware facilities, and market infrastructure services for clearing, settlements, collateral management and regulatory reporting.
The industry challenge is to create an industry-wide data architecture and technology solution that can streamline the trade flows and deliver tangible operational efficiencies. In this hackathon, participants will be given a series of challenges, comprising use cases with increasing complexity. To solve these challenges, participants will leverage the CDM process standards for repo as the core representation for trade events and also leverage Barclays-provided APIs for the ecosystem interactions.
The hackathon challenges include coding various steps in the lifecycle of post-trade processing of repo transactions. The focus is on interactions between the counterparties and the market infrastructure services. The aim is to prototype technology solutions that ensure the trade and process data is consistent and accurate across the industry, which includes dealers, clients, and market infrastructures.
Participants will simulate the different roles in this ecosystem, and Barclays will provide the necessary infrastructure to support their solutions. The outcomes could include data platforms for trade management that deliver a consistent and accurate inventory of trades and a history of trade events processed by the market participants.