Asia Awards 2022: Best middle-office platform—LIST, an ION company

OVERVIEW

In order to ensure that limits are correct and free of unauthorized changes, pre-trade risk configurations need to be monitored continuously. However, to control access via different trading platforms, most firms still rely on increasingly outdated manual processes, based on email exchanges and spreadsheets. This is why the Janus Central Limit (JCL) multi-market and multi-platform limit management system was developed by LIST. The platform gathers risk or limit controls from disparate trading systems into a single dashboard and monitors unauthorized or incorrect setting changes. It formalizes the limit management and approval process, allows workflows with various levels of approval, uses audit trails to track each approval stage, and enables manual updates of trading platform pre-trade risk layers.

THE SOLUTION

JCL allows middle-office and risk managers to check and modify trading limit settings in multiple trading platforms or order management systems (OMSs) where risk settings are exposed via an API. JCL functions by interfacing with multiple OMSs, exchange trading platforms and execution management systems, and features a centralized limit approval process. It is trading platform-agnostic and implements a meta-definition language for trading platform-specific pre-trade limit definitions. Software code changes are not required for additional trading platforms. And where an API is available, the system is extended to provide automatic updates of a trading platform’s pre-trade risk. The eventual goal is for the platform to become part of a linked solution where Janus Risk Manager will hold limits, monitor and qualify them in terms of risk, and enable adjustments based on usage and risk. This will allow changes made in JCL to be published to other independent trading platforms in whatever settings version is acceptable for that third-party platform.

WHAT’S TO COME

LIST is examining new technologies and methods at every stage of the development cycle and is on the hunt for the quick delivery of well-tested, production-ready products. Its service teams are communicating closely and regularly with its clients. These conversations are where its next innovations are likely to spring from.

WHY THEY WON

Collaboration
LIST has been working closely with ION on sales and support activities. 

Growth
2021 was LIST’s best year in its history. It has marketed JCL globally and that initiative played a part in its 10% increase in new and add-on business for the year.

New geographies
LIST has achieved broader European coverage, as well as more growth in the US and Asia.