ArrowSP
ArrowSP is an evolution of Arrow, Rhyme’s real-time CREST solution which is suitable for any organisation with participant membership, including brokers, market makers, custodians and institutions. It is designed to interface to Euroclear’s Single Platform* supporting ISO 15022 and eventually 20022 messaging as well as traditional CREST Proprietary standards for existing legacy applications.
ArrowSP embraces the principal of the Early Harmonisation programme allowing migration from legacy standards to ISO compliance at the earliest opportunity.
The Single Platform will be implemented in phases and ArrowSP has been designed with this in mind. It enables correspondents that currently use their own in-house solutions to settle business in CREST to connect to the Single Platform and at the same time it also supports ongoing legacy processing with CREST.
Among the benefits of ArrowSP is that it removes the requirement for firms to reengineer existing message formats and therefore eliminates the risk of significant software development and migration costs
Bureau Service
ArrowSP is also available as a bureau service which is based on a common infrastructure and allows users to share services for managing servers, networks and gateways for ArrowSP. A dedicated team delivers support for the ArrowSP product, whilst UNIX, database and networks administration are managed by technical staff. Through the shared managed service arrangement users will benefit from a lower syndicated cost.
The ArrowSP Bureau Service is intended to help organisations manage the regulatory risk associated with new regulation and change such as the Single Platform. Organisations that will particularly benefit from the service are those relying on in-house solutions as they need to manage increasingly sizeable and complex developments.
*About the Euroclear Single Platform
The Single Platform will be introduced from Q4 2009 and will be accessed only through a CCI-compliant gateway. The Single Platform will utilise harmonised ISO messaging only, which will be mandatory, initially for custody functions. The settlement functions will be compulsory from summer 2011. In Rhyme’s opinion, we believe this represents a significant investment through development of existing legacy systems, back office re-engineering to support the migration from proprietary to ISO messaging where both regimes will coexist during the migration period. Further investment is required for technical infrastructure planning and implementation and back office personnel training where proficiency with new ISO workflows (particularly corporate actions) will assume prerequisite knowledge.
For more information on ArrowSP, click here.