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StoneX taps Genesis low-code application platform to digitise middle office workflows



Global financial markets software firm Genesis was selected by global brokerage SoneX, formerly known as INTL FCStone, to fully automate and digitise middle office workflows for its equities and fixed income trading business.

The financial services industry faces cost and regulatory pressures which has led to consolidation over the years. Genesis has allowed StoneX to achieve operational alpha with middle office application from the Genesis Application Library that meets the growing client demand for productivity tools and improved client services. The application is multi-asset class and integrates seamlessly with StoneX systems both upstream and downstream through the Genesis Low-Code Application Platform industry adaptors and APIs.

Stephen Murphy, CEO of genesis, said:

Stephen Murphy, Genesis
Stephen Murphy
Source: LinkedIn

We are immensely proud of our collaboration with StoneX and delighted to deliver yet another innovative application from the Genesis Application Library that is built on the Genesis Low-Code Application Platform. Every firm is under pressure not only to automate their workflows but also to deploy new productivity tools and digital capabilities. This is exactly what our LCAP is designed to deliver and we are delighted to be playing our part as StoneX continues to grow both its equities and fixed income businesses. We believe our relationship with StoneX is further evidence of our financial markets capabilities and ongoing demand for a low-code application platform and we look forward to continuing our collaboration.

StoneX

The Genesis Low-Code Platform (LCAP) is the only low-code platform native to financial markets and created to focus on the specific requirements of the industry. It offers rapid creation and deployment of applications to meet the traditional automation and simple Business Process Management (BPM) needs and the complex use cases requiring event handling processors and performance attributes such as low latency and high throughput.

After the acquisition of acquisition of Gain Capital Holdings Inc. completed in August 2020, StoneX had three separate technology providers, the firm selected Genesis Low-Code Application Platform (LCAP) to streamline its middle office to address the complex workflows securely and to enable the firm to scale its nascent fixed income business.

Paul Wenman, Head of Business Development EMEA & Asia, StoneX said:

Paul Wenman, StoneX
Paul Wenman
Source: LinkedIn

Genesis LCAP has allowed us to move away from manual time-consuming processes to a fully digital experience, giving us greater control of our operations and the ability to better serve our clients on top of accessing new markets and asset classes. The middle office solution has been so well executed and at such speed that if we had a conversation in the morning, a developer was building out the functionality by the afternoon. We have been constantly impressed by the expert and detailed financial markets technical expertise of the Genesis team and their agile approach to software development. Genesis will be a key partner in helping us identify and deliver immediate and future opportunities.

The middle office application is developed on Genesis LCAP and digitises previously manual, resource intensive and error-prone tasks such as: trade capture data, trade allocation & matching, fee management and client trade confirmation. The agnostic, multi-asset class application allows direct trade capture and fully supports the management of Standard Settlement Instructions (SSI) data to ensure automatic integration with its settlement custodian, BNP Paribas.

US-based forex and CFDs trading technology provider FDCTech announced earlier this week that it is acquiring Genesis Financial. FDCTech has signed a non-binding letter of intent (LOI) to acquire hundred percent equity interest in Genesis.

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StoneX taps Genesis low-code application platform to digitise middle office workflows

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