Trayport was focused on working with front office functions since its primary focus was on support trade execution and related activities. However, Trayport broadened its strategy, with the intention of providing incremental services to other parts of customer organisations. This strategy initially focused on the middle office, by providing features supporting their processes around trade finalisation. Trade confirmation was identified as a key aspect of trade finalisation and was seen as an excellent opportunity for Trayport. Given this opportunity to bring significant additional value to the middle office functions of their clients, Trayport initiated a project to develop a Confirmations Service to form part of the Trayport service offering.
In order to meet the deadline for delivery of a Confirmations Service to customer organisations, the solution had to be available in fixed short timescales. A prime criterion was, therefore, the ability to deliver in these timescales. The solution required deep expertise in trading systems architecture and the ability to draw on experience providing similar solutions in a trading environment.
Building of Trayport Complete℠ Confirm
Trayport’s preferred development approach was agile and test-driven. The solution development approach had, therefore, to be based on the same elements. After looking at resource availability, it was decided that the only way to meet the customer go-live date was to source the solution on a fixed-bid basis from a specialist third party. Digiterre submitted a detailed proposal for developing the Confirmation Service. During the proposal review, it was clear that there was significant common ground, in the preferred technology environment and development approach. Based on successful project delivery over a number of years, Digiterre followed an agile process based on the Scrum method, both parties’ preferred method of working on projects of this type. This had the benefit of providing Trayport with the greatest degree of control over the fulfilment of their requirements, especially given the short project duration.
Of all the potential partners we talked to, Digiterre stood out as really sharing our vision and ownership for the project, their collaborative engagement approach was a key factor in delivering the project on time