This integration includes a live execution feed which is used by Tapaas to update our customers’ hedge positions in real-time and an End of Day (EOD) Snapshot which is used for daily reconciliation of Tapaas Positions with the LP.
According to Tom Vasak, Co Founder and CTO of Tapaas, “Direct integration of Tapaas with LPs provides significant advantages to our customers by improving data integrity and assuring the accuracy of their hedge positions displayed by Tapaas.”
“There are numerous operational scenarios that can result in out trades,” he added. “Unfortunately, these are not always reliably reported through other sources. By having a direct feed from the LP to Tapaas, the broker has the certainty of seeing trades reaching the LP and viewing positions in Tapaas precisely as they are at the LP. Furthermore, because Tapaas performs real-time reconciliation between direct LP trades and trades reported by our customers’ liquidity bridges, we can promptly detect issues which could otherwise go unnoticed and result in substantial exposure and losses.”
Andrew Wood, Head of Institutional Sales APAC at CMC Markets Connect said that, “not only do we work directly with our institutional clients to provide bespoke services that meet their needs, but we are often asked to integrate with third party providers as part of this process. Tapaas is a great example here, as their technology is used by a number of our customers to deliver seamless real-time trade capture and reconciliation. It’s because we truly understand the holistic benefit this offers that we are more than willing to invest in these integrations.”
“We are acutely aware that for those supporting multiple liquidity provider relationships, service providers like Tapaas streamline a whole range of tasks including better analysis of trade flows and reducing administrative burdens.”
With the EOD Snapshot integration, Tapaas provides EOD position reconciliation. Tapaas compares the EOD positions which have been computed from the real-time feeds with the EOD positions retrieved from the LP in order to highlight any discrepancies. This adds a further layer of assurance of data integrity and early detection of issues.
To learn more about Tapaas and our integration partners please contact us