Xenomorph, a real-time analytics and data management solutions provider, has signed a five-year agreement with the asset servicing department at Société Générale Securities Services (SGSS), in which the latter will use Xenomorph’s TimeScape production data management system for its derivatives operations.
SGSS' asset servicing department will use TimeScape to create a single, consistent and centralised source of all data used in the pricing of derivatives on behalf of their clients. SGSS says it selected TimeScape in order to avoid the over-use of spreadsheets in managing complex and ever-changing derivatives data, resulting in the provision of a higher quality pricing service to its clients whilst at the same time offering rapid support for new asset classes and structured products.
During the successful six-month implementation of the project, SGSS and Xenomorph integrated TimeScape with Summit, SGSS's front-to-back system for derivatives. Additionally, TimeScape's extensive validation capabilities are used to control and cleanse multiple sources of market and instrument data for use by other downstream systems.
"Xenomorph's TimeScape enables us to offer a higher quality service to our clients", say Rachid Lassoued and Philippe Rozental, asset servicing co-heads at SGSS. "TimeScape supports complex derivatives data and structures with ease, and delivers a level of data transparency to our quant staff that allows them to ensure an extremely high level of data quality," they continue.
"We have thoroughly enjoyed working with SGSS on its TimeScape project," comments Brian Sentance, CEO, Xenomorph. "The growth of derivatives usage at buy-side institutions looks set to continue and we firmly believe that SGSS and Xenomorph have jointly delivered a derivatives data management platform that will lead to further success for SGSS asset servicing and its clients," he states.