Excelian, Luxoft Financial Services – the financial services IT consultancy division of Luxoft (NYSE:LXFT), a global IT service provider – today announced it successfully delivered an Order Management System (OMS) for a global trading house ahead of the MiFID II deadline on January 3.
ExcelianLuxoft embarked on the project in late 2016 to build an OMS that supports the trading of energy and metals products whilst ensuring compliance with trading transparency rules under MiFID II. The project was delivered on time in December 2017, allowing the client to adjust to last minute changes to the directive which brought some energy companies within the scope of the rules.
“Eleventh-hour changes to MiFID II could have compromised the successful delivery of this project. However, the team worked diligently to deliver this system on time and ensure it remained compliant,” said Alasdair Earl, Commodities Director at Excelian, Luxoft Financial Services.
Due to the success of the project, ExcelianLuxoft is now implementing additional straight-through processing capabilities into the OMS for additional metal and energy products. Alasdair continued “the new system will help the business to thrive in the post-MiFID world by dramatically increasing the number of products it trades in the energy and metals markets.”
ExcelianLuxoft were engaged from the outset for business and technical solution analysis and design, as well as for support and development services during build and run phases. With strong teams of senior analysts at the client site, ExcelianLuxoft leveraged the collective financial, technical and regulatory knowledge of its team to ensure that the OMS was built and integrated quickly and efficiently.
Alasdair concluded “the team’s strong knowledge of financial, regulatory and systems integration helped ensure that this client projects was a success. We look forward to continuing this work as we help expand capabilities during 2018.”