Global investment bank hits 100% pricing accuracy and transforms client experience with Version 1

A global tier-1 investment bank faced a complex network of uncoordinated pricing systems. Its various systems struggled to communicate with one another, obstructing operations and hampering its equity derivatives trading. The bank’s siloed pricing systems caused inefficiencies throughout the business, and as trades grew more complex, this issue was compounded.  

The bank’s reputation for pinpoint financial accuracy was paramount. Our customer needed a solution to enhance its equities division and consolidate its systems to increase efficiency and drive its trading business. Ultimately, the work should deliver the accuracy the bank prized above all. 

The project required a partner with deep domain experience to migrate over 70 quantitative pricing models to a new unified API. The bank’s risk management division approached Version 1 to complete the work, and we provided an experienced, self-managed team from our front office division. The team would be tasked with delivering a single interface for retrieving trade and environmental market data. 

Our financial technology and agile development expertise was invaluable as we migrated over 70 complex quantitative pricing models into the new, unified system. Throughout the process, we worked hand-in-hand with the bank’s team to identify inefficiencies, pinpoint potential improvements and build a smooth transition to the new system. We utilised rigorous regression testing to ensure accuracy fell within accepted tolerances.  

The bank now boasts a unified pricing interface across its equity derivatives to ensure that complex trades are priced quickly and accurately. This initiative has allowed the bank to build stronger client relationships, and, ultimately, this has helped unlock growth as the team benefits from significantly increased efficiencies across departments. 

Outcomes

• Migrated 70+ quantitative pricing models into a single, unified interface. 
• Conducted extensive regression testing to ensure 100% pricing accuracy. 
• Maintained an agile development approach, fostering collaboration. 
• Worked closely with product owners to optimise processes. 
• Identified opportunities for operational enhancements.