MCI’S A2X MeCRAS Solution


Since the introduction of the A2X exchange about two and a half years ago, one of the major challenges that brokers have faced is that their infrastructure was geared for a single exchange environment. The post trade environment has been a significant challenge for brokers wanting to trade across-markets and get the best deal for their clients.

MCI Consultants was approached by A2X to assist with the development of a post trade system called Member Client Record and Allocation System (“MeCRAS”).

The MeCRAS system, which is now live and is being rolled out to some A2X member brokers, allows A2X member brokers to undertake agency trades on behalf of their clients and easily manage the deal allocation and settlement process. The system, which is hosted by A2X, facilitates integration between the brokers’ downstream systems allowing for seamless end to end processing.



FEATURES

  • Store client account details – Standard Settlement Instructions (SSIs);
  • Receive executed trades;
  • Update broker internal upstream or downstream systems;
  • Receive and validate agency allocations;
  • Pass allocations / late allocations (T+1) / reallocations / cancellations onto A2X Clear;
  • Receive status updates from A2X Clear.

BENEFITS

Brokers who adopt MeCRAS can now easily transact across two venues by:

  • Automating principal DLXOP entries into BDA (for position keeping);
  • Enabling agency allocations;
  • Automating journal entries for principal and agency transactions middle monies.
  • The system facilitates integration between the brokers’ downstream systems allowing for seamless end to end processing.
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