Thunderhead was selected by UBS following a competitive tender and detailed proof-of-concept process and will support UBS’ global trade confirmation requirements.
The adoption of Thunderhead has enabled UBS to implement direct business user control across the development and maintenance of trade confirmations for a large variety of products, requiring either straight through processing (STP) or non-STP business processes. Confirmations that require manual intervention are routed through required approval processes using Thunderhead’s review framework, which has been integrated with UBS’ existing workflow application.
In addition, the Thunderhead solution provides a full audit trail to ensure complete transparency of the trade confirm process. Thunderhead’s personalisation capabilities also allow operations staff to produce documents with content relevant to their counterparty’s language and jurisdiction requirements.
Gerry Murphy, executive director at UBS, said: "Thunderhead has announced that it has implemented the Thunderhead document generation platform at UBS to automate the creation of its treasury exotics trade confirmations."
Glen Manchester, CEO at Thunderhead’s, commented: “The ability to quickly and accurately manage trade confirmations is critical to the operations of an organisation such as UBS. As the volume and complexity of foreign exchange trades increases, the benefits of implementing a proven document generation platform to handle the trade confirmations will enable UBS to retain its competitive edge while expanding its business into new markets. The ability of Thunderhead to automate the full spectrum of trade confirmations brings immediate business advantage through the reduction of the usual costs associated with manual document creation and management of exceptions.”
