J.P. Morgan Asset Management developed and rolled out BETSI in 2019 with the objective of increasing operational efficiencies for workflows taking place on chat, in person and over the phone. BETSI was initially built to support three primary use cases for JPM’s equities desk: BETSI News, BETSI Bids, and BETSI Indications.
Since its inception, J.P. Morgan Asset Management has expanded BETSI’s reach beyond equities to the foreign exchange (FX) and fixed income trading desks. Their global FX desk now uses an extension of BETSI Bids, enabling traders to request bids on Symphony directly. In addition, the fixed income desk leverages BETSI Indications to consume corporate bond axes within Symphony, moving away from a time-consuming, manual workflow via email and spreadsheets.
BETSI now supports 3 core use cases across equities, fixed income, and FX trading desks and its implementation has yielded impressive results. For example, in 2020, BETSI has facilitated the collection of over 1000 bids via Symphony, rather than over the phone and manually entered. Also this year, BETSI has received an average of 1,500 axes per day, and 575,000 targeted indications received and 850 reverse indications sent. In tandem with this, J.P. Morgan Asset Management has rolled out BETSI Indications to 18 brokers.
The Symphony team chose BETSI as a winner due to its success in increasing operational efficiencies within J.P. Morgan Asset Management. This bot has played an important role throughout the pandemic and remote work environment.
When asked what difference BETSI has made, Ashwin Venkatraman, Global Head of Liquidity Trading Technology said, “BETSI’s evolution to cross assets is built on the same principles applied in Equities. BETSI has enabled us to incrementally evolve trading workflows with tighter integration into our in-house platform. This has increased operational efficiencies across assets on a wide range of use-cases. This has played an important role in a COVID-19, work from home environment by enabling our traders to do more with less.”
Over time, the asset management team at J.P. Morgan hopes to evolve BETSI as their needs become more complex. In the ever-changing environment of financial markets, it is vital that key workflows on Symphony are able to adapt to the needs of the movers and shakers in this space. We are excited to see just how much BETSI has evolved since its inception and we are looking forward to its future development as an integral workflow.