Hristo Dinchev, Co-Founder and CEO
Today, next-generation technologies such as AI, ML, RPA, blockchain, DLT, and more are enabling Asset Management/Brokerage firms to fulfill compliance obligations and automate processes to boost front-office operations. However, outdated legacy systems and manual spreadsheet driven workflows are still prevalent in back to middle office operations. For firms seeking to modernise their technology stack while unifying across different asset classes Front-to-Back—the current industry offerings are silo-based, reports on a T+1 basis and time consuming to implement.
With the continually evolving regulatory landscape, it is becoming imperative for asset management firms to strategise an action plan to implement a solution capable of supporting dynamic transformation initiatives that enhance their productivity. This is where, one company, AQX Technologies, is carving a niche for itself by enabling firms to focus on core business activities by automating post-trade processes of their back and middle offices in a single system. The company’s ‘XDesk,’ platform streamlines and automates the entire post-trade process from capturing every single trading transaction, through integrating and processing the trade data, to distributing it to all relevant counterparties.
AQX’s XDesk captures client/ market orders and fills from multiple front-office systems such as OMS, EMS, PMS. The platform generates and sends confirmations of execution and settlement statuses to clients in different formats in real-time. Users can also enter manual trades with an intuitive interface and automate import trade data from various flat file formats such as CSV, XML, JSON, Excel and many more. XDesk auto-validates trade information and post-trade allocations of executions by sending data to external matching systems. The platform automates the entire reconciliation process to create customised regulatory reports (FCA, EMIR, MIFID II) and distributes it to accounting, market surveillance and risk management systems. Also, users can automate the calculation of different types of commissions, taxes, IB fees, CSAs and more based on predefined rules. At any time, users can visualise reports and charts of their performance on all their devices.
“We designed and built the platform to be asset class agnostic for a flexible workflow engine that integrate into existing infrastructures in rapid implementation times at a low-costs,” explains Hristo Dinchev, Co-Founder and CEO of AQX Technologies.
Norman Hartmann, Co-Founder
The XDesk is an asset class agnostic platform and is capable of including any new upcoming instrument very quickly into the system. Built with a flexible API, the platform seamlessly integrates into existing infrastructure system in short implementation cycles. It creates an event-driven workflow engine that is capable of running operations in real-time (automating the sending out of confirmations/contract notes, calculating PnLs and more). To further illustrate XDesk’s efficacy, Norman Harmann, Co-Founder of AQX Technologies, narrates a case-study, where Prime Brokerage, approached them to rectify its inconsistent trade statistics and manual spreadsheet driven workflow across the various multiple systems which led to regulatory fines. Sitting in the middle office of the infrastructure, XDesk connected all disparate systems and automated reconciliations logs within the platform to validate regulatory consistency with almost 100 per cent accuracy of reports. Thanks to AQX, Prime Brokerage experienced significant growth of 30 per cent in business volume in 12 months without having to hire a single middle/back office employee.
We designed and built, the platform to be asset class agnostic with a flexible workflow engine that enables functions to be event-driven in real-time and integrates into existing infrastructures with rapid implementation times at a low-cost
The brainchild of two successful entrepreneurs—Hristo Dinchev and Norman Hartmann, AQX Technologies was born out-of-necessity in 2010, owing to the lack of a robust and cohesive trade management solution in the market. With more than a decade of experience building front to back-office technology solutions for а leading European asset management companies, AQX has fine-tuned its trade management solution to meet the requirements of Europe’s buy- and sell-side firms. AQX has recently forged a partnership with Quod Financial, a multi-asset trading platform to provide a fully SaaS turn-key solution for the FX, Derivatives and Equity markets in Europe. Besides, the firm conducts regulatory reporting via UnaVista, an approved trade repository by ESMA, as well as other ARMs and directly into regulators as well. “With regards to future geographical expansion and new features—we plan to expand our presence across Continental Europe and USA in the near future and offer new modules such as portfolio handling, risk management and billing into our system,” concludes Hristo.