Team Building and Transformation - Hot topics for June!

Here is our monthly edition for the transformation and capital markets blog. We cover stories around digital transformation in capital markets, repurchase agreements, DMA, and ChatGPT for brokerage. Happy reading!

Building Bridges and Fostering Growth: FIO Mumbai Team's Journey to Singapore

In an exciting venture aimed at expanding horizons and strengthening ties, the FIO Mumbai team (Amol & Ananta) recently embarked on a transformative journey to the bustling city-state of Singapore.

Laden with enthusiasm and a drive for success, we set out to engage with valued customers and partners in this new environment. As we navigated through the vibrant streets and skyscrapers, the opportunity to connect face-to-face with our stakeholders fostered an invaluable sense of camaraderie and trust.

Topics ranged from disruption in capital markets, roadmaps for treasury technology, to newer innovations in cloud technology.

In addition to the business meetings, we also dedicated time to team building events, which enabled us to strengthen our bonds and enhance collaboration within our close-knit group. These activities not only rejuvenated our spirits but also infused fresh perspectives into our collective goals. Armed with newfound inspiration and a clear vision, we returned from Singapore with a heightened sense of purpose, ready to propel FIO towards achieving its corporate objectives for the remainder of the year.

Broadridge's Blockchain Success Story: $1 Million Saved per 100,000 Transactions

Financial services giant Broadridge has achieved a remarkable milestone by conducting a staggering $70 billion worth of repurchase agreements (repo trades) daily on its blockchain platform. This impressive figure marks a 40% increase since February, demonstrating the platform's growing adoption. Broadridge's utilization of distributed ledger technology, specifically VMWare Blockchain, has not only enhanced efficiency but also resulted in substantial cost savings for its clients. By transitioning the entire repo process onto the shared ledger, the New York firm is saving customers $1 million for every 100,000 transactions performed. Notable users of this platform include Swiss bank UBS and Paris-based Société Générale. Broadridge's success in harnessing the power of blockchain has led to the establishment of a dedicated Blockchain Center of Excellence, employing 40 experts who are actively exploring diverse applications using public blockchains.

Elevating Efficiency: EFG Hermes Unveils Next-Generation DMA Platform on Microsoft Azure

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets, has joined forces with Microsoft to introduce a groundbreaking Direct Market Access (DMA) platform on Azure, Microsoft's cloud computing platform. This state-of-the-art platform enables swift and seamless trade executions, streamlining bid-taking processes and providing 160 times faster performance than the previous system. Leveraging Azure's global reach, the platform delivers increased performance, reduced network latency, and access to algorithmic trading. EFG Hermes plans to further scale the platform, onboard more users, and enhance Egypt's financial services sector through a range of innovative technological solutions. This partnership exemplifies the commitment to digital transformation and modernization in the financial industry, empowering EFG Hermes to become an agile, data-driven organization.

AI Takes the Lead: How Daiwa Securities Utilizes ChatGPT for Enhanced Productivity

Daiwa Securities, a prominent Japanese brokerage firm, has emerged as a leader in adopting artificial intelligence chatbot ChatGPT to optimize work efficiency. With a focus on streamlining daily tasks like information gathering in English, Daiwa Securities aims to reduce costs and save time on outsourcing activities, allowing employees more room for strategic assignments such as business plan development. By implementing ChatGPT, the firm prioritizes enhanced customer interaction and work efficiency through advanced technology. While some financial institutions in the United States and Europe remain cautious about privacy concerns, Daiwa Securities addresses this by employing Microsoft Corp.'s technology to create a secure environment, ensuring the protection of sensitive information.