BornTec Streamlines Trade Data Analytics with Release of CrossCheck 2

The update advances the performance and functionality of the company’s unique trade data integration platform
CHICAGO, IL (September 22, 2020) — ​ BornTec​, a software solutions provider for trade data analysis and reporting, today announced the release of CrossCheck 2 (CC2), a wholly reimagined version of its ground-breaking platform CrossCheck™. The new platform is available to the public today.

CrossCheck was built to seamlessly aggregate and normalize data flows from exchanges, trading platforms, OMSs, and middle- and back-office systems, allowing for simple, efficient, and informative analyses for processes such as regulatory reporting and trade surveillance. CC2 has been rebuilt from the ground up to optimize the platform’s performance, scalability, and data throughput. A refined user experience gives customers a powerful yet easy-to-use interface with an expansive feature set, while a next-generation, hyper-scalable system core powers the platform to meet user needs at any level of throughput. Some of these enhancements include:

  • Performance improvements that allow the platform to handle near-limitless records
  • Upgraded data-loading mechanisms that display real-time views for trade surveillance and market abuse monitoring
  • Added regulatory reporting features, such as a built-in reporting module for custom reports via FIX integration
  • Increased compliance functionalities, including long-term historic data retention, point-in-time compliance verification, and immediate data reproduction

“Capital markets are striving to be a data-driven industry, but most trading firms and brokers fail to intelligently make sense of their vast siloes of fragmented, unstructured data,” said Derek Haworth, BornTec CEO and founder. “CC2 empowers our customers to harness the power of the data at their fingertips.”

From trade surveillance, to regulatory and audit trail reporting, to market abuse and disorderly market condition monitoring, CC2 provides a wide array of analytical functionality in an easy-to-use and thoroughly customizable platform. The platform has recently seen a significant uptick in customers and BornTec’s software business has increased 65% year-over-year.

For more information on CC2, contact sales@borntec.com.

About BornTec

BornTec​, a software solutions and technology infrastructure provider for the capital markets, helps firms harness the power of their trading data for processes such as trade surveillance, regulatory and audit trail reporting, and market abuse and disorderly market condition monitoring. Its flagship product, CrossCheck 2 (CC2), facilitates the smooth transfer of financial information from almost any source to a single data warehouse. From there, a globally comprehensive picture emerges in real-time, enabling customers to achieve more efficient and informed analyses.

Media Contact

Nicole Hopkins 3Points Communications
Nicole@3ptscomm.com
(312) 725-7950, Ext. 700

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Buck Haworth: Open Outcry Traders History Project

Buck Haworth, CEO of BornTec had an inspiring and unusual journey just like his entry in the exchange was. After completing a Bachelor of Science in Actuarial Science and MBA in Concentration in Accounting.

After completing his Masters, Buck worked as a public accountant for six years but was not getting a career break he was looking for. His father had a construction firm and trading stocks was one of his loved activities. He decided to give it a try. This was a bold decision considering the fact that by the time he decided to shift a career he was married with three children,

He met a few people at Chicago Board Options Exchange in an attempt to get a job opportunity, but that attempt did not bring anything attractive to him. After 6 months CBOE people contacted him asking if he is ready to work as an accountant to one person they know, Ralph Peter.

Buck worked with Ralph for a couple of years. He worked hard all night but then parted his way on mutual grounds.

Soon, he joined CME as their audit unit head and took the responsibility of training the audit staff to monitor the transactions of all the client firms. His real trading education started here. During the time the class B arbitrage was a hot buy and his job was to talk with banks and sell arbitrage to them. During the same, he met Gail Miller who, along with his team had made $7 million a year before Buck met him and they were looking for expansion and needed somebody to take on currency arbitrage.

Buck accepted it despite his lack of knowledge of the trading floor. He smartly hired a person who could help him understand the floor.

The credit of Chicago corporation’s CME floor operations and establishment goes to Buck. He also mentored CC throughout the process, however, soon he had to walk away from this due to some disagreements in the association.

By the time Buck had enough equity to get another backing from the market. However, this is the time he realized the importance of having ‘friends’ in the market. He started his trading journey without planning it and now was the time to learn from the mistake. He helped one of his clerks to earn from trading, loaned his own money to other people to hold the ground stronger.

On asking about the ambiance on the trading floor Buck says that a trading floor is like a replica of the world. You see all kinds of people from sane to insane, ethical to unethical, mannered, and ill-mannered; everybody. There are no closed doors, and the floor is open to all. The business gets unfolded right in front of you, people can’t hide anything, it is up to you how you perceive it.

As far as the opportunities available on the trading floor are concerned, he feels positive about the economic opportunities available on the floor. Having an open opportunity for anyone to enter the market is amazing. People with less money came in (educated or uneducated) fathomed the market, made friends with the right people, and earned more than they could.

However, not everything is merry and joyful. Talking about his worst days, Buck remembers the crash of 1987. He had an active big position in the market and the Fed reduced the interest rates amidst the crisis. He had to lose a reasonably large amount. However, his connections in the market helped him save his membership.

Buck shares his experience and observations while touching multiple factors like:

  • Cash settle,
  • Spread trading,
  • The collapse of CME’s gold contracts,
  • Treasury bills’ collapse and Eurodollar growth, and more.
  • He also remembers his presence during the FBI scandal on the floor in 1989.

He has witnessed Electronic Trading getting pace. He says that in the initial stage, the trading floor was reluctant to believe that electronic trading would take over and is in fact the future. He remembers how Euro Dollar took a meeting a week before going electronic, ensuring that it would never do so!

During the interview with John Lothian News, he recalls the loss of electronic trading caused to the futures industry in Chicago and added to the volatility.

Talking about trading he says people are happier when the market is bearish as the fall happens quicker than the growth and the probability of earning profits is more. He funnily says that some people on the trading floor have Attention Deficit Disorder, they think investing money and waiting for it to grow on its own will help them earn more. But it does not work this way!

He says ‘life is not fair, the floor was not fair’! You need to be motivated enough to go ahead, there is nobody on the floor that would want to pull you ahead.

He has observed and experiences a few falls in his career as a trader. Continuing the discussion, he talks about the brokers’ groups. He says there are many brokers who have good political connections. These groups of individuals killed the gold as they did not allow other brokers to fill the order and they themselves did not have enough capacity. He also remembers the Board of Trades destroying the clearing corporation as a crucial happening considering the contribution clearing corporation made to the Board.

How CME chose an outsider and what came next?

When CME went public, they chose an outsider as the CEO. Both Jack Callahan and Leo Melamed supported the appointment of Jim MacNulty as the new CEO. What Jim was trying to do with CME did not suit many of the CME members and BODs. A few of them left CMS and Buck was among them too. However, Buck does not forget to admire the work done by Leo, Jack, and others in making CME what it is.

How BornTec Came into Existence?

A couple of decades back, Buck tried to get back to the floor after a gap of many years but could not get the desired success. Meanwhile, his son was looking for something exciting and helpful to do and that is how Buck and his youngest formed a software co-hosting company to help the community as the market is going electronic. The software provides 24 hours of high connectivity, quality system, and more. He is looking forward to doing better and better.

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Alder Capital selects to BornTec for automated EMIR reporting

Alder Capital, a leading investment management company based in Dublin Ireland has selected the Crosscheck platform by BornTec for its EMIR reporting needs.

Crosscheck is a modular SAAS deployed platform for real-time post-trade data aggregation, analytics, and regulatory reporting.  Crosscheck fully automates the EMIR reporting process by integrating with the customer’s execution platform for post-trade data. Crosscheck then maps the data to the requisite format and publishes reports to the trade repository. All of this is done in an automated fashion and requires no additional work by the customer.

Garrett Hickey from Alder Capital states: “As a firm, we take regulatory compliance quite seriously.  After careful consideration of different platforms, we chose Crosscheck by BornTec to fulfil our reporting obligations”

Derek Haworth, BornTec’s CEO notes: “We are pleased to welcome Alder Capital as a new customer on the Crosscheck platform.  Alder is a well-respected and longstanding investment management firm with a history of utilising best of breed technology solutions”

About BornTec

BornTec provides technology infrastructure and services to global banks, futures commission merchants, hedge funds and asset managers. Providing execution into global exchanges through technology architecture that reduces latencies and offers direct market access, Born services clients globally.

https://www.borntec.com

About Alder Capital

Alder Capital was established in 2000 with the primary aim of delivering a truly alternative investment approach to a broad range of clients. Mark Caslin, the founder and CIO of Alder Capital, led the development of the initial research and trading infrastructure. Under Mark’s guidance, the investment management approach continues to develop and adapt to the changing market environment and inherent opportunities that persist in deep liquid financial markets.

www.aldercapital.com

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