The financial markets industry is characterized by an unwieldy mix of technologies that make innovation and adaptation to changes in markets and regulation difficult. The rush to adapt to the SEC’s T+1 rules last week illustrate this challenge as it required automation throughout the trade life cycle, spanning front-, middle- and back-office systems and tie-outs to exchanges, clearinghouses and custodians. Legacy manual and EUC workarounds that sufficed during T+2 were exposed by the efficiency demanded by T+1.
The regularity with which the US Securities and Exchange Commission (SEC) and Office of the Comptroller of the Currency (OCC) and the UK Financial Conduct Authority (FCA), among other markets watchdoes, levy enforcement actions and fines on banks remains a persistent challenge to the industry. Weaknesses in trade surveillance, monitoring, AML, and other controls are similar to the T+1 challenge in that they impose new requirements on brittle legacy systems and stress their ability to interact with one another as needed.
The Genesis Application Platform is built to help financial firms address these and other technology challenges by making it faster, easier and less costly to build innovative new software, enhance legacy technology and remediate risky end-user computing, wrote Genesis’ chief technology officer, Tej Sidhu, in a blog post.
“The launch of Version 8 of the Genesis Platform (G8) makes its power more accessible to developers through new tooling that accelerates onboarding and gets them building financial markets-grade applications faster than ever before,” he wrote.
Some of the highlights include:
- Genesis Marketplace, which gives developers a code library to leverage in their builds. It includes major process solutions like trade allocation, application functions like alerts and reporting, as well as integration adaptors for market data services and a variety of trading systems.
- Genesis Create, a web-based tool for developers to quickly define business objects and views, set up real-time data aggregations, create queries for data display, and specify UI foundations such as grids, screens and data sources.
- Enhanced FDC3 Support: Interoperability has been a powerful disruptor in the technology space over the past decade. FDC3 support allows Genesis applications to seamlessly integrate with interoperability software, providing standardized support for intents and channels workflows. This makes it easier for developers to embed FDC3 interoperability into their applications to deliver highly-functional desktop experiences that easily integrates with OpenFin and Interop.io solutions.
- Genesis View, an AI-powered tool for users to rapidly add new screens to their applications and enhance UI attributes, like fonts, colors and layout throughout an application, all without specialty UI coding expertise.
“In delivering AI within the proven confines of the Genesis platform, View is an example of how Genesis is providing a trusted conduit for financial firms to benefit from the potential of AI by generating well structured, concise and maintainable UI code leveraging the guard rails provided by the Genesis Platform,” Sidhu writes.