Modern Back Office Workflows for Pricing and Reference Data: The Power of QX Query in the Timely Setup of Securities Across All Asset Classes

One of the main areas QUODD has focused on in the past few years is addressing how firms can better serve their middle-and-back-office employees with access to vital market data. What we’ve observed is that the back and middle office professionals don’t always require the bells and whistles that come with the offerings from legacy providers. But what they do need and want is the modern, reliable applications to keep up with today’s demands delivered by technology partners that truly understand their unique business needs. 

The industry trend is rapidly moving towards data-on-demand that involves customized delivery models, coupled with a user-specific experience that works better with the workflow needs of middle-and-back-office employees, who are often either fully or partially remote and need immediate fingertip access.

At QUODD, we built our QX Digital Platform to bring this modern experience to our valued clients across the buy and sell sides; spanning operational workflows within banking & trust, asset management, asset servicing (custody/clearing/fund admin), wealth tech solutions, accounting platforms, capital markets, fintech trading/analytics and other segments. In this series of posts, we aim to highlight a number of the modern workflows we’ve built over the last year to help our clients achieve better operational efficiency and scale in the back office.

QX Digital Platform Ensures Timely Performance

We understand that asset setup teams work under tight deadlines to ensure new assets are readily available for any platform, tool, or representative. Any delays can be costly and may introduce compliance risks and penalties. QUODD is focused on ensuring that our data is accurate, complete, and easy to incorporate.

QX Digital Platform Simplifies Data Collection

Let’s take a closer look at the asset setup workflow, which includes:

• Monitoring for new instruments that need to be added.
• Collecting all the required descriptive data.
• Inputting the data into an asset management system.
• Verifying the data.

The QX Digital Platform simplifies data collection for new instruments by leveraging the QX Query tool. Users upload their list of new instruments and match it with a customizable template. This template delineates all necessary fields for adding a new asset in a user-friendly order. 

Furthermore, the template can be seamlessly shared across all back to middle office operational teams, facilitating collaborative efforts to efficiently handle incoming requests throughout the day.

In summary, timely security set up into the firm’s security master ensures that they are ready for immediate use.  We simplify data gathering through its Query tool and customizable templates, facilitating an efficient division of tasks among asset setup teams.

About QUODD’s QX Digital Platform 

QUODD built a fit-for-purpose digital platform that gives customers access to reliable and comprehensive market data functionality and content for middle and back-office workflows.

The QX Digital Platform delivers the highest quality, proven, reliable, and cost-effective source of comprehensive security pricing, reference data, and analytics across all asset classes, integrating best-of-breed content providers for funds, equities, and fixed income via a web-based market data portal. In 2023, QUODD tripled the number of companies using the QX Digital Platform.

Serving as a cornerstone of the QUODD market data suite of products and services, QX Digital Platform was built to help wealth management servicing firms to connect the workflows between the back to middle to front offices; empowering financial institutions with the operating efficiency and controls to most effectively support data management and client servicing needs.

QX Digital Platform is utilized as a primary or secondary source by leading institutions in the bank wealth management, trust, and retirement segments and/ or by their enabling technology platform providers that are continuing to grow as operations outsourcers.

The technology powering QX Digital Platform ingests, normalizes, and productizes best-of-breed sources of market data content for consumption with the lowest amount of friction.