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BCS Prime Brokerage has partnered with ARQA Technologies to implement ARQA’s automated back office software, backQORT.
BackQORT, which provides record keeping, trade settlement, regulatory reporting and partial management accounting, will provide BCS clients with access to new markets and a more efficient transaction clearing model.
The BCS platform will now perform accounting of spot instrument operations in various markets including the Moscow Exhange, the London Stock Exchange, and the MOEX Currency market.
The backQORT system makes calculations of various taxes applicable to companies operating in accordance with EU regulations. Improvements also include a function to directly clear transaction at exchanges and through international clearing organisations.
Tatiana Chepeleva, managing director and head of IB operational strategy at BCS, said: “The main challenge we faced was to implement a universal system that would incorporate different markets, instruments and currencies.”
“While developing the system there have been wide consultations made and we have met the high standards and business requirements of the company. Implementation of the software has been a huge success.”
Vladimir Kurlyadchik, director of business development at ARQA Technologies, added: “This project has demonstrated a combination of experience in development of complex software and the know-how of a leading financial market operator.”
“The upgrade and implementation of the software has only taken six months thanks to efficient work of business analysts of the BCS group.”
