FX Confirmation drafting

Client-first is at the heart of everything that JDX does.

We shape our consulting capabilities, services, and experiences around our clients, working with them, and our partners, to design and deliver solutions with outcomes that target our clients’ pain points, unmet needs, and real business problems. We use our unique perspective to provide optionality in the client outcome, while unlocking value throughout the journey. Today’s JDX client story showcases one of our Post Trade projects.

Context

JDX was engaged by a Tier 1 Investment bank for a BAU role to assist with the high volumes of Confirmations in the London office over a 12-month period. JDX deployed 1 person to assist the London Fixed Income team with Foreign Exchange Exotics drafting team with increased volumes in workload.

Our approach

One JDX Junior Consultant was deployed to work within the client’s FID drafting team. The consultant took on equal responsibility to other drafters who are not ‘Approver’ level.

Training was delivered on-site and intermittently, in 1- and 2-hour slots, to minimise impact on the current team’s productivity; this was led by Managers and Approver-level team members and covered derivative products, tailored trading overview and detailed exotic drafting processes.

Once system accesses were fully operational, initial drafting was put into practice through basic and templatized products or ‘notices’; these included products that involved low amounts of manual drafting and ‘Knock-out’ or ‘Expiry’ notice drafting. Consultant quickly progressed into drafting more complex exotic products including a large volume of portfolio tarns and manual drafts. This involved implementing and tailoring various previously approved formulas and legal language to fit mathematically with the specific trade’s unique economics.

Outcomes / Measurable impact

Following further assistance with drafting more bespoke templates and drafting requests for high-priority clients, the client has been able to fully utilize the resource to cover drafting of all types of Foreign Exchange products the London team receives in their work queue. Overall, the client has seen a visible improvement in aged confirmation populations and high praise from Front Office due to particularly low numbers of Sales & Trading rejections.

Contact us

For more information on our Post Trade services, contact Dominic Amura.

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