While the COVID-19 p和emic continues to roil financial markets globally, 存 has already begun assessing 和 implementing lessons learned related to market volatility, 风险管理和技术, as well as determining a path forward as client 和 industry needs evolve rapidly as economies globally begin to reopen.
存 senior executives discussed these 和 other related topics during the firm’s recent live-streamed event, 《vnsr威尼斯城官网登入》.”
“自从大流行开始以来, 我们看到了金融市场创纪录的成交量, 过度波动, 我们必须通过远程工作的员工来解决这个问题,” 迈克Bodson， 存总裁 & 首席执行官在他的开场白中说. 尽管发生了这些非同寻常的事件, 存 和 the industry showed extreme resilience 和 agility in seamlessly processing transactions 和 providing market stability 和 certainty.
经验教训:成交量和波动性
随着事件的展开, 存 quickly executed its continuity 和 resilience plans for a p和emic scenario, 安德鲁·格雷说, 存首席集团风险官. 存加强了对特定客户的监控和尽职调查, 行业和活动, 并且“有效地管理了我们的市场, 信用和流动性风险,他说. 在市场动荡中, the Risk group coordinated corresponding increases in margin 和 multiple large intraday margin calls, accommodated clients by extending the deadline to fund intraday calls for NSCC 和 GSD, 建立了对MBSD的正式盘中呼吁, 并在某些情况下延长和解期限.
“Our risk systems performed well 和 the investments that we have made in our financial risk infrastructure put us in a very good position to monitor 和 manage risk, 对我们看到的市场波动做出快速反应,格雷说.
Capacity planning 和 stress testing are critical elements of 存’s continuity strategy. Capacity planning analyzes historical volumes 和 seasonal volume days, then factors into account future client 和 market considerations. Adjustments in volume testing 和 appropriate investments are made based on these data points.
That capacity testing preparation helped 存 flawlessly h和le 363 million equity transactions on March 12 – a record for the firm. 根据 林恩主教, 存首席信息官, “we’ll continue to test 和 adjust the volume numbers 和 thresholds for stress testing based on these new peaks.”
Significant intraday margin calls were a challenge due to peak volume 和 volatility. 穆雷Pozmanter, 存清算机构服务和全球业务主管, explained that a factor was the difference between cleared 和 uncleared trades as firms were caught between margin calls. 美国财政赤字创历史新高.S. Treasury debt issuance will add to the volume 和 put a tremendous strain on markets 和 balance sheets. Pozmanter指出, 从资产负债表的角度来看, “this is something firms will need to monitor much more closely going forward.”
关注安全
The p和emic reinforced the role that 存 plays in managing financial 和 non-financial risks, 灰色表示. This includes monitoring third parties to ensure the firm is aware of any potential implications, as well as working within the firm 和 with the industry to maintain security controls 和 training to protect against cyber-attacks while working remotely.
“网络安全仍然是存和整个行业面临的最大风险, 我们一直保持警惕,格雷说. The impact of the p和emic has shown that it is critical to continue working on cyber-resilience, 不一定是因为它带来了额外的风险, but it has emphasized the need to be prepared for extreme events as remote as they may seem,格雷说.
现代化的技术和过程
The conversation on risk also focused on how the industry can experiment with 和 adopt new technology without jeopardizing market stability? Legacy systems performed optimally during the period of heightened volume 和 volatility, yet they can be inflexible as well as costly 和 time-consuming to enhance. As 主教 observed, “you don’t want to wait for a crisis to address a problem.” She said that any new technology needs to meet the high threshold of being more resilient, 比现在使用的更稳定和安全.
A significant opportunity exists to improve the client experience by replacing the myriad of legacy systems 和 interfaces with 应用程序编程接口 (api). The public cloud is another way that 存 和 the industry can improve time to market 和 quickly enable business capabilities. 根据 主教, “we’re excited to work with the industry on the next generation of the modernization of technology.”
Pozmanter emphasized that technology is an enabler of business strategy 和 that the real opportunity is to reimagine processes. By bringing a fresh perspective 和 new approaches to 帖子-trade processing, “我们可以为存创造成本效益, 为客户提高资产负债表效率.”
Bodson noted that both 存 和 the industry have started to move forward with modernization efforts. 改进当前实践的两个项目包括 项目离子 和 项目惠特尼. 项目离子 seeks to further optimize the settlement process in the public markets, using distributed ledger technology to shorten the settlement cycle, 从现在的T+2到最终的T0. 该倡议, 存最近公布的一个案例研究, would allow multiple settlement cycles 和 enable firms to enhance intraday cash 和 accommodate a system that runs parallel with existing processes. 项目惠特尼 considers opportunities to provide increased levels of digitalization throughout the private market asset lifecycle, 从发行到资产服务.
“随着疫情的发展, we have seen some changes in the last few weeks—the industry is moving from “crisis” mode with an eye toward the strategic future,博德森说. “More 和 more, we are hearing about modernization, emerging technologies 和 new processes. There are still plenty of tactical issues to resolve but in our “business as unusual” environment, it’s clear that the industry has overcome challenges that will fundamentally alter the way we work. 我们正专注于这一方向.”