Mostly… fixed income and cross product eTrading

November 8, 2006

Practice what you preach – in client onboarding

Filed under: Client Onboarding, Nuts and Bolts, STP — holky @ 11:23 am

Funny that while all of the platforms and venues are keen to wave the flag about the massive workflow improvements they can deliver by replacing human steps in the trading and settlement workflows with electronic, scalable, systematically repeatable steps instead, they still all run client onboarding processes which are generally full of human intervention, and if not paper based then will often utilise spreadsheets or emails that tend to change format and content with each “good idea” that the sender has.

Surely with the amount of expertise that we as an industry collectively have in terms of protocols and feeds and integration of systems, it would not stretch the imagination to come up with an open standard for a client onboarding feed: eg a simple xml feed of client info from the vendors system to each dealers CRM system to present the requests and initiate their take on process, then give a status update back as the request is being processed.


  1. Hmmm…Holky, this is a very good point. One of the obvious beneficiaries of this truly automated process would be the vendors themselves.
    1) Speeds up the whole process, thus getting more liquidity through their platform
    2) Eliminates the need for too many onboarding staff cutting & pasting spreadsheets etc, thus reducing costs
    3) Eliminates human error where approvals for trading seem to just disappear……

    However, vendors are obsessed with the next big thing in terms of functionality or products – to either stay ahead or catch up with the competition. Subsequently, in the rush to get this through, they fail to ensure the basics of admin. and workflow are 100% right.

    Comment by waratah — November 8, 2006 @ 1:44 pm

  2. […] Looks like my dream of a “sane” onboarding standard  just might come […]

    Pingback by FPL “onboarding” !! « Mostly… — June 22, 2007 @ 2:14 pm

  3. Informative post. I was searching for some information on onboarding and came to this blog. I am also engaged with the onboarding activities of my company and i needed some stuff related to the same….. Really good work. 🙂

    Comment by George Scifo — November 26, 2008 @ 8:48 am

  4. wow – this took some time to get momentum….

    Banks join forces to develop open standard for electronic OTC trading
    A group of leading sell-side banks has set up a working group that will focus on the creation of an open industry standard protocol for client and trader enablement on electronic trading platforms.

    Comment by Mostly — March 26, 2013 @ 6:14 pm

    • I also saw the article in finextra mention in comment 4 and, apologies for sounding stupid, but what does it actually mean? Does this mean there’s going to be a messaging standard for trading OTC in addition to FIX, FpML and all the proprietary platform standards or does client and trader enablement mean something different in this context?

      Comment by oxymoron — March 28, 2013 @ 9:01 am

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