SAPHYRE
then communicate with broker-dealers . It ’ s an intricate web of interfacing that is necessary for the whole machine to run .
Saphyre ’ s platform connects them all together to track that onboarding process : the Know Your Customer ( KYC ) protocols , the tax , legal , and compliance work – as well as the operational setups including things like order management systems . It ’ s a proprietary system that is unrivalled in an industry where most of this process was historically held together by a disparate patchwork of emails , spreadsheets , and faxes .
All of that helps firms to get ready to trade quickly and – with certain markets , currencies , trading instruments and asset classes – that speed is a very important , powerful benefit to these financial institutions .
A significant benefit to this up-front work being done in the pre-trade phase is that it takes around 70 to 75 % of the work out of the posttrade , too .
“ The analogy that I like to give is that you should be treating trades the same way as air travel ,” says Stephen . “ You set up your security precautions before any threat occurs , use a black box , add AI intelligence , some automation – and you can ensure your trades land in the destination while eliminating most of the issues in the post-trade . “ Investments are currently being done in post-trade . In other words , they are in the business of putting together crashed planes and trying to get them to fly again . We ' re in the business of not having planes crash – ever . “
Certain industries are known to be laggards when it comes to embracing and adopting new technologies , and you could be forgiven for thinking that finance was not one of those . However , many processes are still in the relatively dark ages when it comes to digitalisation .
Gabino and Stephen both share anecdotes of some financial organisations being stuck in a time warp . This rocky horror show includes the use of faxes ( remember those ?), spreadsheets , and emails .
“SAPHYRE QUICKLY BECAME THE DOMINANT PLAYER IN A MARKET THAT WAS STARVED OF TRUE INNOVATION , WHICH IS VERY IMPORTANT FOR US ”
STEPHEN ROCHE PRESIDENT & CO-FOUNDER , SAPHYRE
8 saphyre . com