NEX Optimisation, a provider of portfolio of cloud-hosted services across the transaction lifecycle, has unveiled a new infrastructure for NEX Infinity, for the testing FX and cash equities on the distributed ledger. The latest initiative will see clients benefit from mitigated complexity and improved optimization of resources across the transaction lifecycle, per a group statement.
NEX Infinity acts as a cloud hosted, Software as a Service (SaaS) platform, which emphasizes and transforms the delivery of NEX Optimisation’s services to its diverse range of clients. Starting this July, the new development will ensure that clients will be able to enter into a testing period for spot FX and cash equities in the NEX Infinity distributed ledger.
The focus on FX and cash equities comes amidst a dynamic regulatory landscape, with technology also providing a key impetus to development. More specifically, the litany of issues faced by clients has also necessitated a broader focus on efficiency and transaction lifestyle, including such woes as fragmented data, complex legacy systems and processes; mass reconciliations, and a proliferation of vendors and high risk and capital costs.
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NEX Infinity will be important for clients that aim to curb these issues, simplifying trade processing, granting them more control of their data, and reducing costs. The development also follows the construction of a minimum viable product back in March, as NEX Infinity will move forward into production testing with clients in July 2017 for FX and cash equities matching on the distributed ledger – more services will follow heading into H2 2017.
According to Michael Spencer, CEO of NEX Group, in a statement on the development: “Regulatory and technological change are having a profound impact on financial markets. Regulations are adding numerous processes to client workflows and technology architectures are becoming even more complex, ultimately limiting our clients’ ability to grow revenue.”
“Leveraging our significant technology expertise and assets, NEX Infinity is truly transforming and simplifying market infrastructure. We are excited to be going into production testing for spot FX and cash equities on the distributed ledger and look forward to on-boarding our clients in the coming months,” he added.
“NEX Infinity will revolutionise the trade processing landscape and allows clients to enter a new era of efficiency. Financial services technology has traditionally been built in silos and our clients typically need to maintain between 200 and 400 connections to their participants and intermediaries, resulting in fragmented data and unnecessary cost, complexity and risk,” explained Jenny Knott, CEO of NEX Optimisation.