Deutsche Securities Saudi Arabia signs technology development agreement with Computer & Systems Engineering Company
Deutsche Securities Saudi Arabia (“DSSA”), a CMA licensed securities firm owned by Deutsche Bank AG, and Computer & Systems Engineering Company (CSE), a Saudi company owned by Aldukheil Group, today announced an agreement to collaborate on the development of a tailored technology solution to enhance DSSA’s trade settlement process in Saudi Arabia.
The solution will create a Straight Through Processing (STP) operation to automate the end-to-end processing of trades. It will include improvements to the automated completion of trade confirmations, matching, clearing and settlements, eliminating the need to manually re-key or reformat data.
The agreement to collaborate on a technology solution is based on the post trade programme changes recently announced by the Securities Depository Center Company (“Edaa”) designed to enhance the post trade settlement model in Saudi Arabia.
With this agreement, CSE will develop a customised technology solution to connect and facilitate messaging between DSSA’s trade settlement technology applications and the Central Securities Depository (CSD) systems at Edaa. This includes connectivity for account maintenance and security transfer processes. CSE’s technology solution will increase DSSA’s post trade settlement cycle efficiency levels and turnaround times by over 80%. It will also significantly improve end-to-end STP rates through DSSA’s custody systems.
Commenting on the collaboration, Charles Cohen, Head of Securities Services Saudi Arabia at DSSA, said: “We are very excited to collaborate with CSE on the build out of this solution following Edaa’s recently announced changes to the post trade programme. Upon implementation, we expect to see an immediate positive impact on the efficiency and accuracy of our processes by reducing turnaround times, increasing system harmonisation, settlement efficiency and delivering faster real-time response rates to our clients.”
“CSE is delighted to extend our relationship with DSSA. We are constantly looking at ways to use the latest technology to offer our clients market leading technology solutions. Our team has created a tailored solution to connect the new proposed Edaa systems with DSSA’s core processing platform, which will enable faster processing times and significantly improve STP rates.” said Joji Antony – Chief Executive Officer - CSE
Deutsche Bank Group established its Riyadh Branch in 2006, and soon after established a securities subsidiary, Deutsche Securities Saudi Arabia. The Group offers a suite of investment and transaction banking and wealth and asset management services in the Kingdom through its two legal entities in the country, Deutsche Bank AG Riyadh Branch and Deutsche Securities Saudi Arabia.
Disclaimers and disclosures
Deutsche Bank AG is authorised under German Banking Law (competent authorities: European Central Bank and German Federal Financial Supervisory Authority (BaFin)) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and the BaFin, and to limited supervision in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority. Details about the extent of our authorisation and supervision by these authorities are available on request.
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority (“DFSA”) and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.
Deutsche Securities Saudi Arabia (DSSA) is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia with a license number (No. 37-07073). DSSA registered office is at Faisaliah Tower, 17th floor, King Fahad Road - Al Olaya District Riyadh, Kingdom of Saudi Arabia P.O. Box 301806.
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Deutsche Securities Saudi Arabia (“DSSA”), a CMA licensed securities firm owned by Deutsche Bank AG, and Computer & Systems Engineering Company (CSE), a Saudi company owned by Aldukheil Group, today announced an agreement to collaborate on the development of a tailored technology solution to enhance DSSA’s trade settlement process in Saudi Arabia.
The solution will create a Straight Through Processing (STP) operation to automate the end-to-end processing of trades. It will include improvements to the automated completion of trade confirmations, matching, clearing and settlements, eliminating the need to manually re-key or reformat data.
The agreement to collaborate on a technology solution is based on the post trade programme changes recently announced by the Securities Depository Center Company (“Edaa”) designed to enhance the post trade settlement model in Saudi Arabia.
With this agreement, CSE will develop a customised technology solution to connect and facilitate messaging between DSSA’s trade settlement technology applications and the Central Securities Depository (CSD) systems at Edaa. This includes connectivity for account maintenance and security transfer processes.
CSE’s technology solution will increase DSSA’s post trade settlement cycle efficiency levels and turnaround times by over 80%. It will also significantly improve end-to-end STP rates through DSSA’s custody systems.
Commenting on the collaboration, Charles Cohen, Head of Securities Services Saudi Arabia at DSSA, said: “We are very excited to collaborate with CSE on the build out of this solution following Edaa’s recently announced changes to the post trade programme. Upon implementation, we expect to see an immediate positive impact on the efficiency and accuracy of our processes by reducing turnaround times, increasing system harmonisation, settlement efficiency and delivering faster real-time response rates to our clients.”
“CSE is delighted to extend our relationship with DSSA. We are constantly looking at ways to use the latest technology to offer our clients market leading technology solutions. Our team has created a tailored solution to connect the new proposed Edaa systems with DSSA’s core processing platform, which will enable faster processing times and significantly improve STP rates.” said Joji Antony – Chief Executive Officer - CSE
For further information, please contact:
Deutsche Bank AG
Press & Media Relations
Mohanad Nahas
Phone: +971 (0) 4 3611 754
Mobile: +971 (0) 50 5445 836
E-Mail: mohanad.nahas@db.com
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About Deutsche Bank, Saudi Arabia
Deutsche Bank Group established its Riyadh Branch in 2006, and soon after established a securities subsidiary, Deutsche Securities Saudi Arabia. The Group offers a suite of investment and transaction banking and wealth and asset management services in the Kingdom through its two legal entities in the country, Deutsche Bank AG Riyadh Branch and Deutsche Securities Saudi Arabia.
Disclaimers and disclosures
Deutsche Bank AG is authorised under German Banking Law (competent authorities: European Central Bank and German Federal Financial Supervisory Authority (BaFin)) and, in the United Kingdom, by the Prudential Regulation Authority. It is subject to supervision by the European Central Bank and the BaFin, and to limited supervision in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority. Details about the extent of our authorisation and supervision by these authorities are available on request.
Deutsche Bank AG, Dubai (DIFC) Branch is a branch of Deutsche Bank AG located and registered in the Dubai International Financial Centre (DIFC) in the Emirate of Dubai, United Arab Emirates, with registered no. 00062. Principal place of business in the DIFC: Dubai International Financial Centre, Gate Village, Building 5, PO Box 504902, Dubai, United Arab Emirates. Deutsche Bank AG, Dubai (DIFC) Branch is regulated by the Dubai Financial Services Authority (“DFSA”) and is authorized to provide Financial Services to Professional Clients only, as defined by the DFSA.
Deutsche Securities Saudi Arabia (DSSA) is authorized by the Capital Market Authority of the Kingdom of Saudi Arabia with a license number (No. 37-07073). DSSA registered office is at Faisaliah Tower, 17th floor, King Fahad Road - Al Olaya District Riyadh, Kingdom of Saudi Arabia P.O. Box 301806.