Point Nine: The Assured Path to Compliance

Cultivating potential drives how we lead and empower our team, how we build our product and services for clients, and how we engage with the community at large

To gain a clearer perspective on the value that Point Nine delivers to its clients, Roussos recalls his company’s engagement with a client that was using multiple trading platforms, servers, hubs, bridges and CRMs. Hence, their data are stored in different sources and different logic is applied on each source. Their previous provider was befuddled by the complicated logic and reported wrong data. To mitigate the issue, Point Nine offered its system to gather all the data in one place and apply any rules stated by the client in order to export accurate data. Since wrong data reported (extremely high volume, wrong mapping of counterparties and outstanding positions, trades that never got reported, and more), the team at Point Nine discussed with the client the logic that they use for each counterparty/ client on every trading platform and hub. Following this, they implemented their system accordingly and proceeded with corrections (error out and resubmit) on everything since inception. The client also struggled with several LPs with which they needed to match the UTIs. Roussos reveals, “We contacted all their LPs and found out what is the methodology each LP uses. We managed to correct all the back-dated transactions and match them with their LPs. We also shared our UTI methodology with all their legal entity clients.” This is one of the most complicated implementations that Point Nine undertook, involving numerous liquidity providers and corporate clients, different trading capacity on each transaction, multiple data sources, complicated logic/rules/filters, and lack of communication with the client. However, Point Nine managed to go live with its reporting within two weeks and correct client’s back-dated transactions within two months.

In yet another impressive feat, Point Nine assisted a client to correct their data when NCA identified wrong outstanding positions for the company. The Point Nine team built a custom reconciliation tool especially designed for this client, got all their back dated transactions, and ran the reconciliation tool to find out the difference between the submitted transactions and the actual executed transactions. Thereafter, they corrected any wrong reported information, re-submitted the problematic transactions and submitted any transactions that may have been missed. Point Nine successfully managed to match the outstanding positions the company actually had with the outstanding positions reported to the NCA.

Point Nine has been growing and gaining momentum even amidst the pandemic. Earlier this year, the company expanded with a Business Development Manager in Luxembourg, London and also in Cyprus to tackle the local and other markets. Apart from the team and business growth, Point Nine in the process of expanding its portfolio of products while aiming to release a tool for iFRS-9 and iFRS-16 in Q4. Constantly monitoring regulators and regimes as well as the market, the company is prepared to tackle the needs emerging from such changes. “Dedicated to serving communities, we believe that each should reach their best selves. Implementing this idea at the core of Point Nine’s foundation, we commit to our corporate and social responsibility not only to contribute to those who need support but also to inspire and empower the community to partake in this commitment. This helps in cultivating potential with the ultimate goal of helping communities and economy prosper in parallel,” notes Roussos. Point Nine is also a strong advocate for women in the fintech space and is driven by a vision to make a change and impact on gender diversification.