We build great solutions in collaboration with our clients

Baymarkets develops and delivers customised financial markets solutions. Working in partnership with our clients, using Agile methodologies, our highly experienced market and technology practitioners deliver high-performing market-ready products across the full trade lifecycle, covering multiple asset classes.

Clara  – Clearing administration and reporting application

“Clara has provided us with high value, state of the art clearing technology since 2009. We are very excited to continue to work with the Baymarkets team.”

CEO, SIX x-clear

Clara is a complete clearing solution supporting SIX’s clearing business, SIX x-clear. Clara is a very modern system that went into production 2010 offering clearing services for the Oslo Stock Exchange, Oslo Børs.

Clara has from the beginning been developed based on best market practice for Equity and Derivatives CCP’s in Europe and in close cooperation with its clearing members. Being a fresh and new system, it is an agile, modular and modern clearing system with rich functionality.

Robust and Cost effective

  • In operation for more than 5 years
  • Very reliable and stable system with 99.9% uptime
  • Lean technical and business operation

Quick time to market

  • Lower cost of implementing new features
  • Agile and iterative developing processes using  automated testing resulting in high quality code

Modern architecture

  • No legacy components
  • Latest software, methodology and development tools
  • Modular and scalable

Functionally rich and simple to use

  • User friendly web gui for clearing operators and clearing members
  • Export to csv, xls, pdf from web gui
  • Flexible account structure
  • Developed in cooperation with clearing members

Easy customer integration

  • Standardized messages based on the ISO 15022
  • Trade feed supports both FIX and ISO 15022

Multi asset

  • Clearing of multiple asset classes

Multi currency

  • Multiple currencies support

Real time margining

  • Margins are calculated in real time

Trade capture

All matched trades from the trading system will be reported into the clearing system in real time.

  • Trade feed FIX or ISO 15022 based
  • High performance architecture
  • Support for multi currency and markets

Position management

Real time update of positions. Allocation, give-up and position transfer functionality for derivatives.

Expiration and delivery

Handle option, forward/future expiry. Create settlement transactions for physically settled derivatives and cash transactions for cash settled derivatives.

System features

Collateral

Collateral positions are mirrored in Clara and minimum daily reconciled with original collateral source. Cash collateral are automatic updated from banks by standard SWIFT messages (MT940/942) Securities positions are automatic updated from CSDs or Custodians by standard SWIFT messages (MT535).

Risk

Real time margining. Possible to set margin alerts and to have margin service accounts for clients. Margin simulation tools.

Fee and invoicing

Calculation of trading, clearing and settlement fees (inc penalties due to failed delivery). Support for market maker rebates.

Corporate action

Corporate action management for stock and derivatives.

User interface

The Clara application provides all relevant clearing information on real time basis for the purpose of accessing information about and managing clearing transactions such as performing trade allocation, give up and exercise. Information about daily margin requirements, settlement information, default fund contributions and collateral is also provided for in the application. The application includes functionality for downloading the clearing information on various formats supporting members internal procedures for reconciliation and reporting.

Mark to market

Calculations of daily cash settlement for stock and index futures.

Master data

Participants, agreements, accounts, instrument. Master data is designed to be generic and is easy extendible to model new types of participants with different roles, accounts of different types, and agreements that defines relationships and relevant information.

Cash settlement

Cash settlement for derivatives and securities lending includes mark to market, option premium,trading and clearing fees, forward profit/loss, cash settlement on exercised options and interest on securities loan.

Securities settlement

Netting, creation of settlement instructions, routing of settlement instructions, partials.