Deutsche Securities Saudi Arabia signs technology development agreement with Computer & Systems Engineering Company
The solution will create a Straight Through Processing (STP) operation to automate the end-to-end processing of trades
Deutsche Securities Saudi Arabia (“DSSA”), a CMA licensed securities firm owned by Deutsche Bank AG, and Computer & Systems Engineering Company (CSE), a Saudi company owned by Aldukheil Group, today announced an agreement to collaborate on the development of a tailored technology solution to enhance DSSA’s trade settlement process in Saudi Arabia.
The solution will create a Straight Through Processing (STP) operation to automate the end-to-end processing of trades. It will include improvements to the automated completion of trade confirmations, matching, clearing and settlements, eliminating the need to manually re-key or reformat data.
The agreement to collaborate on a technology solution is based on the post trade programme changes recently announced by the Securities Depository Center Company (“Edaa”) designed to enhance the post trade settlement model in Saudi Arabia.
With this agreement, CSE will develop a customised technology solution to connect and facilitate messaging between DSSA’s trade settlement technology applications and the Central Securities Depository (CSD) systems at Edaa. This includes connectivity for account maintenance and security transfer processes.
CSE’s technology solution will increase DSSA’s post trade settlement cycle efficiency levels and turnaround times by over 80%. It will also significantly improve end-to-end STP rates through DSSA’s custody systems.
Commenting on the collaboration, Charles Cohen, Head of Securities Services Saudi Arabia at DSSA, said: “We are very excited to collaborate with CSE on the build out of this solution following Edaa’s recently announced changes to the post trade programme. Upon implementation, we expect to see an immediate positive impact on the efficiency and accuracy of our processes by reducing turnaround times, increasing system harmonisation, settlement efficiency and delivering faster real-time response rates to our clients.”
“CSE is delighted to extend our relationship with DSSA. We are constantly looking at ways to use the latest technology to offer our clients market leading technology solutions. Our team has created a tailored solution to connect the new proposed Edaa systems with DSSA’s core processing platform, which will enable faster processing times and significantly improve STP rates.” said Joji Antony – Chief Executive Officer - CSE
