The launch of Tradeverse, a new data platform by global Fintech leader Broadridge Financial Solutions Inc., will help trading firms eliminate data silos, unleash the potential of their data across the enterprise and better manage costs, reconciliation, and the data quality and lineage challenges of firms typical complex platform ecosystems.
Tradeverse consolidates real-time, multi-asset class data from multiple vendor applications and platforms from orders and executions through settlement into a unified, harmonized data platform. It reduces errors, simplifies access with a common data ontology across front, middle and back office and incorporates robust security to protect sensitive information and maintain data integrity. The clear data structure unlocks insights for all key functions – trading desks, operations, risk, finance, and regulatory – by providing a trusted and transparent data source.
“A Tradeverse implementation we’ve recently completed with a global bank is proving the power of harmonizing trade data,” said Hugh Daly, Head of Data and AI, Capital Markets, Broadridge. “The solution delivers efficiencies for their regulatory reporting and compliance teams, allowing direct access to the data for business users initiating complex searches using natural language.”
Many enterprise data warehouse projects fail to deliver the expected benefits due to the complexity arising from disparate representations of the source data. Tradeverse is focused on ensuring true data harmonization. The application of business logic and constraint of the data ontology is critical to that. This leads to seamless access to high quality data, which ultimately accelerates time-to-value for multiple AI initiatives.
In another use case, the Securities Operations team of a top ten capital markets firm is using Tradeverse’s harmonized data platform coupled with Broadridge’s Generative AI tool for Operations (OpsGPT) to empower users. This is allowing the teams to identify and implement productivity gains such as settlement fails analysis that were previously incredibly hard to capture in a fragmented ecosystem.
Tradeverse will be the cornerstone of a number of innovative value-add business solutions that Broadridge will bring to market in the coming months.
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