The client is a leading European Bank offering a suite of cash management and securities services such as Custody, Clearing and settlement, Securities lending and fund services in 30 countries around the world.
Large Global Custodian and Investment Bank
Custody and Settlement
- With Germany being the Hub location to service all clients in T2S markets, several market specifics need to be considered in the hub design. The taxation rules, message formats, Corporate action process were completely different in each market, therefore the Hub system had to be enhanced to support all the market specifics.
- Clients onboarding Hub under Asset services Only (ASO) model had several bespoke requirements and the same had to be implemented in the hub as per the client’s requirements.
- With Germany migrating to Record date processing for Income and Corporate action events, all the associated processing in Hub had to be switched to be in alignment with record date processing.
Key Business Drivers
- Leverage the Target2Securities (T2S) platform to offer Custody services to clients for all T2S markets in Europe from a centralized location called the T2S Hub Germany.
- To remain competitive in the market and to provide best services to both global and local clients.
- To unbundle services such as settlement and asset services and provide flexibility to clients to choose products that meet their requirements.
- Conducted Business Requirement Analysis for Record date implementation in Germany, markets claims and transformation implementation in Hub for Germany, ESES, Italy and Austria markets.
- Performed functional design for several projects such as ITRA18, Record date implementation in Germany and Market claims and Transformations processing for Asset servicing clients.
- Performed data mapping of sese.02x messages to MT54x messages.
- Supported functional testing performed by business users and Acceptance team.
- Prepared test scenarios and test cases for several T2S Hub projects.
- Involved in the solution design for MIFID II Transaction reporting requirements.
- Performed Gap analysis on the current corporate actions processing including market claims and transformations.
- Completed business requirement analysis for Italian taxation related to corporate actions, capital gains, tax on bond transactions, Tax reports such as CUPE, MOD 770, SOGEI reports, FIS reports to Issuers and F24 reports to Italian Tax authorities.