Information vs. Intelligence: Introducing Symphony Market Solutions Live at Innovate Asia 2019At Symphony Innovate Asia 2019, our EVP of Client Solutions, Goutam Nadella, and Head of Market Services, Sid Nadella, introduced and demonstrated Symphony Market Solutions, our new suite of standardized, licensable workflow and automation solutions. Read the full transcript from the session below:
David Gurlé, Founder & CEO, Symphony:
If you bring speed, clarity and trust and everything else we talked about, what are you really getting at the end? I really like the word that Ken used which is ambition. You have ambition, your company has ambition, you have personal ambition, you want to get an edge and those are important things. But how can you really get it?
Well, the best way to get it isn't information, but it's intelligence. There's a big difference between the information you get and the intelligence that comes out of it. How do you actually get there? It's a very interesting concept. The concept that actually comes together very nicely in the very universe that Symphony is evolving, where social and contextual sides of information gives you this new dimension that transforms the information into intelligence.
And that's really I think what the ultimate goal of digital transformation is. Imagine you can give that edge to your customers, imagine that you can give them an intelligence, that they feel suddenly smarter, more informed, better informed and they can make their decisions better faster. Wouldn't this earn you more business? I think that's really what this is about. We are after all in the business of processing information and making this information richer. So we can make better decisions that we can absolutely need to and we have ambition for.
So for us getting the universe of social intelligence, contextual intelligence and bringing it at the same time is the ultimate journey that we are aspiring to. But social intelligence, I want to make sure that we do not miss a very important element. Today an email thread that we share with the recipients of this email is only private to this email thread. So in other words, the information that's there it's quarantined, it's isolated, it's fragmented. You do not know what's going in your organization, but what if that piece of information, assuming that legal and compliance are okay with that is actually crucial to another team that's sitting in Australia? But you have no idea that they will need it, and they have no idea that this information exists.
Well what if you have software that's capable of surfacing that and suddenly making your organization socially intelligent, so you can have a collective intelligence bigger than the sum of its parts and delivering it at the right context at the right moment to chat bots is where the biggest difference is. That's the journey I'm going to take you through now. Actually not myself, but by announcing our new initiative, the Symphony Market Solutions.
It dawned on me that in order for us to serve you the best we need to understand your business better, we need to really drink, we need to really eat what you're all doing every day. We need to sweat like you do and in order to understand that we decided to create a new organization within Symphony which we call Symphony Market Solutions. The mission of this organization is to go hand-in-hand with you across the different initiatives that we are working on, so that we can transfer our knowledge and we can get knowledge from you. So we can actually deliver standardized components across the global market so that the whole community benefits from that and as the interconnected world we just talked about flow seamlessly without the cost, without the friction, without regulatory concerns or without cyber threat issues that we talked about.
So to lead this effort, we decided to appoint to individuals who are actually related, so Goutam and Sid, please welcome.
So do not be confused by the last name, there are lots of Nadellas. There's an uncle. Both Goutam and Sid have joined us from the capital markets, they spent many years in building products in those markets and serving those customers and they are best suited for us to take the journey of Symphony Market Solutions to the next step.
There are many mysteries in life and we're going to go through some of them today, but there is one that I need your help with. Brothers, who is the oldest? To this day, we do not know. So maybe you can give me a clue about who the oldest is and I'm still trying to figure this one out.
Goutam Nadella, EVP Client Solutions, Symphony:
I'll keep it a mystery.
So I'll be back a bit later. I know you're going to talk about Symphony Market Solutions and most importantly how important it is to foster digital transformation, so I can't wait to see that.
Thank you David.
Sid Nadella, Head of Symphony Market Services, Symphony:
Thank you! Thank you everyone. So I'm really excited here to talk about Market Solutions. Before I talk about that, I have one request to our marketing team, I said don't make me go after David, he's going to talk about everything I want to talk about and so elegantly. Thank you David for introducing Market Solutions.
So before we talk about what Market Solutions is, we're going to talk about a lot of the products we're building, for the first time show some of those products today. I want to take you on a journey of what led us to Market Solutions. So I've been in this industry for about 15 years, I've been at Symphony since the beginning, it's been about four and a half years and throughout that journey, as we talked about today, the journey of Symphony, I've seen how our clients are solving incredible problems with Symphony.
There are a thousand bots, you'll see incredible examples today, demonstrated by our clients. And throughout that journey we've observed a few things. Observation number one, automation is real, everyone is looking at automating workflows, simplifying really complex workflows, but automation cannot happen out of context. David touched on this before, the contextual intelligence, automation cannot happen without the context provided by humans.
The best automation platforms are the ones that bring humans, bots, all of it together in a single workflow very efficiently. In our industry as you all know, more than any other industry, the human relationships are what underpin business relationships. And for this reason we believe Symphony is perfectly placed to enable automation in this industry.
Second theme, like I said, I've been in this industry for 15 years, if you look at when I joined this industry, the industry was not very good at collaborating with each other on common pain points. There was this view that there is a differentiation element which is why we want to build technology all in-house and differentiate ourselves. The thing that I've been in the last five years is incredible the transformation, the industry more so than ever wants to collaborate with each other, solve common pain points all together.
That requires an element of standardization and standardization requires platforms. Symphony has a platform that is deployed across, as you've seen, 450,000 users we believe we're ideally placed to provide some of that standardization and help all of the community.
Then observation number three, again extends what I just talked about. There is an incredible appetite to license work flows for standard enterprise integrations and solutions. No one wants to build them like they used to, there is a strong appetite to license these solutions, because people want to focus on what they're good at. They don't want to build things that are commoditized, that are available.
So now you wrap all these three things together, right, that is what is the genesis of Market Solutions. As we launch Symphony, as we deploy it across the entire community, we've decided that Market Solutions is the platform through which we will deliver this promise to the community. We are building a set of standardized products, solutions that solve common pain points that will standardize across company work flows and deliver turn key solutions to all of you.
And with that I'll stop talking and let Sid walk us through some of those incredible solutions. Before Sid goes on I do want to touch on the first set of products that Sid is going to talk about, which is our enterprise integrations. So again if you go back to my experience of working in a large bank, 15 years back, I remember as a new analyst on a desk looking at eight to 10 different applications. There's market data, there's trading, there is outage management, there are 15 different applications I had to consume data from.
As a new analyst, I was completely, completely bewildered. How do you consume all of this information that has an incredible amount of cognitive overload? It's not possible for a single human to keep you with all of that. That's the price of context switching across many different applications. That was true in front office 15 years back, now it's true in every single group, operations, technology, what is happening is companies are licensing best of breed solutions. That is great, because they want to give employees best-of-breed solutions, but that comes with a price, and that price is the price of context switching.
The first set of integrations Sid is going to talk about are examples of integrations that will stop you from this context switching, bring all of it together in Symphony so you can be more efficient in your work life. With that I'll hand over to Sid and stop talking and if you haven't noticed I'm the one who talks, he does all the work, so I'll let him showcase everything.
Thank you, thank you Goutam. So we're really excited to show you what we've been doing in Market Solutions. There's integrations that we're going to start with. So before we start with integrations I want to talk a little about space travel. How many of you are fascinated by space travel or rocket launches? I'm fascinated by them, I can't stop watching rocket launches. Every time the SpaceX rocket goes up, I'm up, whatever time it is.
The reason I bring that up is so the first solution that we're going to talk about is Major Incident Management portal powered by Symphony's integration with ServiceNow. And if you think about rocket launches and space travel, you think about mission control. Mission control is super, super important. How important do you think mission control is to rocket launches? I don't think we'd have a man on the moon without mission control, it's super... it's mission critical, it's super important.
I think of Major Incident Management in the same terms for financial services. As we automate more and complex systems trade, it's become extremely, extremely important. And it's important that we use modern tools for this particular function. Service Now for those of you who do not know it's an IT services workflow management tool. It's a modern tool that provides this function. But most of the collaboration still happens over email, phone calls, conference calls, a bunch of people jump on a conference call, talking over each other. There's emails, it's very unstructured conversations, it's hard to parse, hard to understand, hard to get information out.
So what we're looking at is how can we bring Symphony together with a tool like best in breed tool like Service Now and how can we help incident management teams collaborate better and eliminate this context switching like Goutam mentioned. We don't want people to switch between all these different tools. So what you're seeing on the screen, is on the right hand side, you see Service Now, which is ServiceNow portal. It is typically an instillation that’s pretty complex, and then on the left hand side you see a Symphony chat room.
So for this demonstration I'm going to play the role of Scott Bell again and Goutam's going to play the role of an incident manager. So what we're going to walk through is how an incident gets triggered, then we'll walk you through the dashboard and then how Scott Bell reacts and what he can see and what he can do with that.
So let's start with triggering an incident. There is, it's a busy day, there's volatile markets, I'm Scott Bell, I'm on the trading desk and I'm busy and I have Symphony up on one of my screens. And I see that an incident has been triggered for my business unit. So an incident's been triggered for my business unit, I see that on the screen. I look at it, I can see information about what happened, who the people working on it are. The room's been created automatically, all the relevant people have been added automatically, both from business and IT.
So I see all of them in one place, I can collaborate with them, I can talk to them, I can ask them information. But typically when these things happen everybody's busy, running around and trying to figure out what's happening and trying to solve the problem. So the bot is going to give me the right information, it's going to give me a business summary, it's going to give me the status, it's going to give me information about how long the incident's been on. I don't have to go to another tool, right here I can see everything.
I'll take it up as Selma. Selma's the incident manager and you see on the right hand screen an incident management dashboard. This is actually a real dashboard built for a client using Symphony's embedded chat module. Here you see the power of Symphony that it can morph itself into many different forms. So as Selema, I have an incident management dashboard with Symphony embedded inside the dashboard. I'm creating an incident, it's added everyone as Sid talked about. I post an exec summary and I'm also posting updates right there in the chat room and everyone that is affected is getting real time updates.
I can also change the status of an incident, you have a chevron showing the status of the incident, you have a timer showing how long the incident has been open, so this is a single dashboard in which I can collaborate.
Now contrast this with how people manage incidents today, right? As an incident manager I've got to pick up the phone, I have to send emails, I have to set up calls to notify everyone. This is the power of Symphony where it can actually bring teams together around as single workflow.
So now going back to what Scott is doing, so I look at this and I think this is a big problem. I know there's a lot going on in the market so I want to increase the priority, I want to raise the priority of this incident, I want to let everyone know this is super important, we need to fix as a priority. So I can do that right inside, in my chat room, I can use a command, tell the bot to raise the priority. And as the team works on it and they have a solution, I see status updates, I see the business summary, the executive summary, what the business impact is and then status updates. I see that the team has managed to solve the problem pretty quickly, that's awesome and I see that the incident was open for two minutes and 15 seconds. That's a record, that's awesome.
So I see that it's all done, it's great, now I see that now next thing I look at is I look at my systems and say, okay, everything is back to normal, I do my checks and I look at them. I say so what is the take away from this, right? There is going to be a take away and there's going to be some issues that I need to report to my development team, so we'll see that next.
So I'm seeing duplicate entries in my risk management system, this typically means that something didn't recovery correctly, it's probably a side effect of what happened with my trading systems.
So now in a traditional world, currently, if I see this and I see a problem, I need to communicate that to the development team, I typically pick up my phone, call somebody, they may not be at their desk, they may not be available right away. I might send them an email, that might get missed, this information gets missed all the time, people are not always available, they are not contextually right there.
So the right way to do this for me is I would have to use a system, whatever system my team uses for issue tracking, I would want to go there and create an issue and make sure it's tracked and assigned to someone and as someone works on it I would want to get updates and I keep up to it.
I'm not going to do that, I'm not going to have time, I'm don't have to context switch, go somewhere and do that.
You're talking about a trader.
No offense, traders don't open tickets.
But that's the job and if you're on the trading desk it's really important for me that this is really taken care of and it's really me dropping the ball, so I don't want to do that. So now we're going to use a new JIRA integration we developed for Symphony, it's a two-way integration, very powerful. We're going to use a new JIRA Integration to log this issue and assign it to someone in my development team. So I'm going to navigate to the rates technology room and if you look at this in Symphony on the top you see a button for JIRA. So this button and this pattern, what you're going to see here, I can click on that button and start creating an issue.
And this is a new pattern some of you may not have seen in Symphony. We use this pattern to essentially render a JIRA issue inside Symphony. So you see it's essentially a pop up model that's going to allow me to quickly type in information about the ticket and save it and that goes right into JIRA. Everybody in the team is going to see notifications, they can interact with the notifications, you'll see in a little bit. But the important thing is I know this issue is logged, the team knows about it and I can track it, I can see what's going on and as people fix this I get that confidence, well, it's now taken care of and I'm not going to see this same issue happen again.
This again is collaboration, eliminates context switching, easy collaboration in one tool. So that's something we really wanted to get solved with these integrations.
As I mentioned before the JIRA integration allows you to interact with messages, so you can look at the message, and again I think Selema is the development manager now so she's looking at this message and the issue and she's able to click on it and assign it to someone. She can comment on it, she can edit the ticket, she can take any of these actions right in Symphony without having to switch.
I don't know how many of you guys are excited by looking at this, and imagining a future where you don't have to get emails from JIRA? Your email inbox is typically flooded with notifications from JIRA, Confluence and all these tools. You don't have to do it anymore, you have everything in one place and you can assign projects to certain rooms. So you get the right information in the right place with the right audience, so that's incredible.
We think this is going to be incredibly powerful and should be incredibly useful for all our clients.
All right, so let's talk about another example, one that you're all very familiar with, Salesforce. So we in Symphony have a very unique problem, we have a CEO, as you've heard from him, who's always on the road. And you know what happens when your CEO is on the road, he calls you on the midnight asking you for an update on a client. That is why we built the Salesforce bot. Not really, but for our clients. But we're going to talk about how we're going to bring Salesforce into Symphony. If you're all familiar with Salesforce, it is an incredibly flexible powerful tool to manage your CRM data.
But the challenge with Salesforce is there's a number of fields, and especially when you're mobile, like David is all the time, if you want to go look for a client update, what is going on with an account, how do you do that? It's an extremely painful experience. So Symphony for Salesforce Integration for Market Solutions brings all of it together. So what you have is the ability to create rooms that are linked to Salesforce accounts automatically. So the team that covers the account is added to the room, all of the actions you take in the room are in the context of that account.
Again talking about the contextual intelligence, which the rooms has in this case. As a sales person, as an account coverage person I can go into the room, I can look for updates on an account. So imagine this is David, he wants an update on an account, you type summary, you get the summary of an account. In this case it's the account that says Partners.
Now he wants to find out more information, he wants to find out about who covers the account, who are the contacts of the account. So in this case we're going to take again the persona of Scott Bell. Let's say Scott Bell's moved on from an incident, he's actually wants to bring in some money for the firm, he wants to go meet an account. So he's looking at the summary, he's looking at the context. Now he's going to go and talk about who are the roles in this account and I want to go meet them.
So he's having a meeting with the account, so brings notes back from the meeting, right? Again Scott Bell, let's say he's on the road. Does he have time to go back to the office and update the meeting summary? Not really. So he wants to update the meeting summary from Symphony mobile, you can do that, interacting with Salesforce bot.
Right here you see Scott Bell posting his meeting notes and then that updates Salesforce automatically, again without ever having to context switch. So you get updates, you get real time notifications about status changes in an account and you can also post meeting summary right into Salesforce. Again this is a great example of how you can use best of breed tools without having to context switch and all of the pain that comes with it. So you've just seen an incredible example of how Scott Bell has navigated across three different applications, worked with three different teams, technology, operations, sales, without having to ever context switch. That's the power of these integrations.
If any of you've seen Iron Man, this really reminds me of Jarvis. And that's the future we all want, right? We want not to context switch, but we want to use tools what they're meant for.
So now moving on, we want to talk about front office. One of the things that's unique about Symphony, relative to any other enterprise solution you have, is we have a very unique DNA of the firm as David talked about a little bit. There's people who come from enterprise backgrounds, there's people who come from deep front office or operations experience. Now we're going to talk about an example of how Symphony can go deep into front office and bring you a solution to solve a very painful workflow that exists in the OTC product space.
And this is really, the best thing about this product that we're going to launch and show you today, was that it was actually orientated with clients coming to us and asking to solve this problem that was extremely painful to negotiate prices for OTC instruments. That I'll handle over to Sid to walk you through Spark.
Thank you again. Okay so RFQs or requests for codes, this is a very common workflow and most of you are probably familiar with. It's essentially a negotiation between two counterparties on prices. And for complex OTC products this typically happens over closed platforms like email, or phone calls, or chat. But they typically talk over, negotiate, go back and forth with multiple counterparties and they consummate the deal.
The problem with this is, for complex products, the problem is these communications is often unstructured and they happen over these closed networks. And this creates a lot of pain points, such as inhibiting automation, efficiency and also a clear audit trail for compliance. That's really important. Because whenever you do these trades or transactions, it's really important to demonstrate best execution in most cases and that's important. You need to have an audit trail to prove that.
That's why I think we wanted to, a lot of clients came to us and said, "Can Symphony solve these pain points for the industry? Can you come up with a solution that can solve these pain points for the industry?" So we partnered with our clients, we started last year and we created Spark. So the objective, our objective with Spark was to try and bring compliance, efficiency, openness to this very common workflow. I think that's what we think we have and we want to show you that.
So I'm going to describe what you're seeing on the screen, again I'm going to look at my right screen as Scott Bell. He has the Spark application open, this is an extension application that comes built in with Symphony and you see a bunch of his chat rooms in the left nav. On the left screen you see Caroline, she's at one of his dealer counterparts. And she's one of the dealers that he's going to be talking to and she has a chat room open with him.
These are regular chat rooms, typically between people and they share market commentary and regular conversations, it's a regular chat room that typically has multiple participants from each firm. So I'm going to set the stage like that. So now we're going to go start with an example, so Scott is going to create a price request for an interest rate swap. He's going to start with specifying the product in Spark. So as he's doing this you see that it's tokenized, so as he types it auto completes for him. There's also suggestions, and as he types each line it suggests the next option and when he completes specifying everything there's a little green highlighted on the box indicating that it's a valid product.
One of the problems with this is they're complex products, there's multiple legs to this and multiple things that you can specify that are sometimes optional. Everybody has a different way of denoting these things. Sometimes people completely skip some things that are default. This essentially enforces a structure around that. So once he's done that, he's good to go, he knows he has a valid product, now he's going to go and select some of the dealers, the dealers he wants to send this too.
And again, there can be multiple dealers, there can be two, three, four, whatever he wants to do. In this example we're going to show him sending the price request to three dealers. Normally this would be a cut and paste operation into multiple chat rooms, right? Then he would have to monitor each chat room, look at what's happening and what the responses are and juggle between chat rooms very quickly and that's what typically happens.
With Spark, we eliminated that again, so Spark is going to help him visualize everything in one place. So as the requests goes out he can see the status, he can see people acknowledging and he can do this in individual chat rooms just like normal, but Spark gives you all of that information in one place. So as each of the dealers acknowledge, information comes back into Spark.
If you switch your view to the dealer side and Carol's window that's how you see this in the chat room, this is again a shared chat room between her and Scott. the information came across as a very structured message, it has tooltips telling her what she needs to type to send him information in a structured manner. It's very intuitive, we wanted to keep as natural language as possible, as natural, people just chatting and they're sending information back and forth.
So as she does that, if you switch your attention back to Spark now you see that all three dealers have responded, they've come back with price levels, visual cues show you the best bid, the best offer, there's little blue bars you see on top of them. They show you the best bid, the best offer and the best spread. They show you all in one place, I have... very clearly I can see what's going on.
Now I want to go back to my counterparty Carol, I want to ask her if she can do better. I think she can. I'm going to ask her if she can do better and I can do this in a chat room, it's a regular conversation I'm going to have with her, I can have any of these conversations, I can ask her more about color, what she's seeing in the market. So I'm going to ask her if she has better levels. She says, one second so I'm going to wait for her to make my decisions. As soon as she comes back, we'll see the price again come back into Spark and again, you see the levels updated. Now she has the best spread.
So that's good, so I'm going to go with Carol. I can go right in Spark, click on the price and I'm done. And now Carol needs to confirm too because it's a double confirm, both of us need to agree, dealers have the last look. So once she's done, the trade is consummated, I have all the information, I see the ID, the chat message, everything is logged for compliance purposes, it has a clear audit trail. You can go back and trace this information back for every trade, it's very clear.
That completes my transaction, so as you can see, I think Spark I think we have Symphony, Spark is Symphony's solution to address these pain points, especially for complex OTC products. We're going to start right now, we started with IOS and cross currency, but we extend to expand this to equity of OTC options and FX options and again this pain point exists in a lot of different products.
So we think Spark is a compelling solution for buying sell sides, pain points in these product areas in this very common workflow and we think this is going to be incredibly useful to solve some of the problems with this to what is currently a legacy and somewhat painful process.
So I hope this was informational and exciting and we have a booth outside, we can show you more information and all the integrations and Spark and talk about it, so please come and visit and ask any questions. Thank you!
I would love to make one point on Spark, it's an incredible example of two things, the point I made about bringing humans and bots together. When a client came to us talking about Spark, we asked them the question, why Symphony? Why use Symphony? The answer was always, we cannot replace humans in the process. So the buy side trader working with the sales coverage on the sales side, even if you just introduce automation, you cannot replace the value of that relationship.
That's the power of Symphony. If you've seen how the two persona are collaborating in a chat room, with automation enabled by bots, that's what we look forward to when we talk about Market Solutions. Bringing bots, humans, all together, contextually in a single platform. I do want to talk about another great example of the collaboration of a client and I would like to call on the stage, Tamara Singh from GIC to talk about an example of a workflow, with built in collaboration with GIC which I truly believe showcases the value of collaboration within Symphony and the client.
Tamara Singh,Senior Vice President, Investment Services, Public Markets, GIC :
Hello. Go for it.
Hi everyone, I'm sure many of you have the same experience I have, where we've invested many, many years and lots of resource in automating our work flows and we celebrate our successes, we count the hours we save, the people we've given better work to. What we've done, though, is we've realized at GIC that we're all part of a much greater community and ecosystem and so our internal automation efforts have been very limited victories for us, because unless you guys can come to the table with us and meet our automation on the other side we only have a partial solution.
So Symphony came and partnered with us to experiment. We've partnered with five of our counter parties, picked a single workflow. The challenge we wanted to address was what do you do when you've automated as much as you can on your own and then you sit there, you look at your Excel spreadsheet and then you email it to somebody. They do something on the other side, it comes back, you look at it, run through automation again, you email it back out. You ping back and forth, it's so soul destroying.
And so what we tried was we picked up the workflow for our equity swaps baskets, in our world what we do in GIC is we have it automated with our compliance checks, our inventory checks, ADVs, the challenges, whatever we might have. We work with our partners and say look we would like to exchange these baskets with you, what would you like to do?
They run some checks on their side, what we then do is we then email about 20 per tray, because they're pretty big and chunky they take a little while to get up to, and again everybody looks at these emails. So what we did with Symphony is we said, look is there a way to get away from having to look at anything. I have my machine that does all the actual work, I'm literally just pressing a button to send an email.
What Symphony helped us create was basically a communication channel, the output of our automation was consumed by a bot. The bot then sends this to our counter parties who are able to consume it in the format they need for their own automation. It effectively beats APIs for us because it's not one to one, it's one to many. So our output goes into a bot, the bot makes it translatable and our counterparty will consume it.
What we then did was we thought, okay how does this really work, so we picked five very different counter parties who have very different internal structures based on our experience of them and we said to them, "Guys would you guys like to play? Lets all to come to this table and see how quickly we can make this happen."
We had mixed responses, we decided to not jump the gun and go in with everyone, we picked five. Of the five the ability to parse the POC we did in our experiment ranged from three weeks to slightly over six. And so we found that with all five we were able to successfully implement this. The good news is that although right now all you have is a pretty picture because we can't demo this right now, it is looking to be productionized by Symphony by the end of this calendar year I'm assured and I'm very excited about that.
Because for me we picked this one workflow to try, but really any workflow we have where you end up with as spreadsheet or any other file that you then email or in some way transmit to your counterparty can now be adopted in this fashion.
So we're hoping that between us we get to bigger scale or much more scale, we want to do more trades with you guys. So if you guys feel like trading with GIC come and talk to us. We want to make more money and these days these are the ways we have to do it. I think that's probably the high level summary, is that roughly what-
Thank you Tamara. I think my mic's off. Thank you Tamara. One question, so again, same question I talked about Spark before, so you could potentially use FIX, you could use an API approach, so what made you pick Symphony as the platform to augment this workflow?
So we wanted to make sure that we could come up with something that would work for the majority of our panel. Our panels are fairly large and as I said we have people with very different regulatory environments, very different infrastructures on their side. So we needed something that was quick to market, scalable across counter parties, not just in terms of the volume we can transact, one on one but with as many as we decided to.
We being who we are, are very concerned about data integrity and security, so we wanted an encrypted exchange. I know their names we do not mention, but from an encryption perspective, emails are actually not very secure, chats are not very secure, so we wanted something that was compliance approved and most of our counter parties already had in place, were able to communicate externally with it. It was quick to market because again we just plugged our own existing automation into a bot that was provided, which was handy.Tthe other side consumed into their own automations.
Then we also wanted something that we thought we could scale. And so where we've done our automation so are it's on the foreign exchange, but actually we intend internally to extend it further. So now we get the baskets back, we're going to automate the auto management and the down stream support for it. So we needed something that could be used through our entire value chain internally. So getting a front office solution which then has been manually handled by middle office or then a file gets sent to middle office by email, again it's a partial victory.
Thank you, that's amazing. Again, a great example of a collaboration within a client and Symphony and bringing all the different players together, thank you tomorrow.
Thank you very much. With that I'll end the Market Solutions presentation, but please do check out all of these integrations and products, there is a Market Solution booth outside. We're very excited about partnering with all of you to launch more and more Market Solutions products. Thank you!
Angie Lau, moderator:
All right, thanks to the brothers, the Nadella brothers.
Let's bring back on stage David Gurlé here. Right before we head out to break, David, I just wanted to wrap things up. So many innovations happen, 365 days, seriously. That's awesome. What else is-
24/7 it needs three times more so, more than 1,000 days, we have three shifts with Asia.
This is how we do it, it's the Asia hustle, you know what I'm talking about? What else is coming down the pipe?
Well you've seen that most of the innovation really came from our customers and hopefully what we have shared with you today and it's going to inspire you and it's going to want you to do more. I saw lots of people taking pictures, all of it will be available by the way on line and in video and we'll obviously edit it properly so you can take it back home and have a conversation with your colleagues.
But I think the most important thing is this is our collective effort, it's a community effort. Let's work together, focus on the areas like Tamara said, this is where she wanted us to focus on because we provided more agile and more flexible, and more cost effective and a speedy way of doing things and that's what we are here for. And we work with you and that's the future.
That is the future! David Gurle, everybody.
Thank you! Thank you for listening to us.