Swiss investment bank UBS has implemented Thunderhead's document generation technology to automate the creation of treasury exotics trade confirmations.
Thunderhead says its off-the-shelf technology has enabled UBS to control the development and maintenance of trade confirmations for a large variety of products.
Confirmations that require manual intervention are routed through required approval processes using Thunderhead's Review Framework module, which has been integrated with UBS' existing workflow application.
In addition, the Thunderhead technology provides a full audit trail to ensure complete transparency of the trade confirm process.
The system will also enable operations staff to produce documents with content relevant to their counterparty's language and jurisdiction requirements.
Commenting on the implementation, Gerry Murphy, executive director, head of OTC operations IT at UBS, says: "Thunderhead has proven to be a high quality component for document generation and does exactly what we expect and demand of it."
Glen Manchester, CEO, Thunderhead, says: "The ability of Thunderhead to automate the full spectrum of trade confirmations brings immediate business advantage through the reduction of the usual costs associated with manual document creation and management of exceptions."
Earlier this year US investment bank Morgan Stanley installed Thunderhead's document generation technology to help automate the creation of OTC derivative trade confirmations.