An architecture for new instruments

Integrating new instruments as seamlessly as possible is never an easy task. The secret, however, lies in the right architecture, particularly in terms of doing away with the silo-based approach and introducing a layered structure. By Ron Dembo

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New, complex instruments keep emerging in today’s markets, and because they can offer big profits, banks want to be in there trading them as soon as possible. But in the current world where trading tends to operate in silos, introducing new instruments is complicated, costly and fraught with operational risk, especially if they span multiple asset classes.

Take credit derivatives – two years ago it was a small specialised market; today it’s huge, with investors of all kinds buying into it and

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