How Velocity Trade partners with Kooltra to power their Global FX Business

About Velocity Trade

Velocity Trade is a global broker dealer that has international offices located in North America, Europe, the UK, Australia, Asia and Africa, and serves as a trusted trading partner to corporations and institutions around the globe.

Goals 

Velocity has been on a legacy FX Back Office system for many years, and was looking for a more agile and customizable solution to streamline many of their processes and workflows. Kooltra provides more flexibility in terms of reporting and automation capabilities, with system enhancements implemented quickly after scoping.

“We like to keep it simple and do what we’re good at. We’re great at sales and currency facilitation, we’re not engineers. We look to providers like Kooltra who we know are true experts at their craft and willing to evolve with us.”

Solution

Velocity deployed Kooltra alongside their existing legacy FX Back Office software.

Kooltra serves as a secondary back office system for cash management and trade processing.

Including: 

  • Inbound STP of FX Trades captured in their primary back-office system
  • Settlement processing and cash management across multiple business lines and a vast network of nostros 
  • Outbound STP of settlements processed in Kooltra back into their core system
  • Trade matching with prime brokers via a direct integration with Traiana

Kooltra serves as their primary compliance database.

Including: 

  • Storage of all counterparty AML and KYC data
  • Transaction risk monitoring
  • Client onboarding 
  • Electronic fund transfer reporting, including a direct integration with Fintrac for Canadian regulatory reporting 
  • Derivative trade reporting, including direct integrations with CME (Canada) and DTCC (Australia) for derivative reporting

Kooltra also supports the management of deliverable FX & voice-brokered orders.

“When we have a feature request or a custom reporting need, Kooltra is able to deliver a solution for us in a fast and efficient manner.” 

Outcomes 

Kooltra has enabled Velocity’s 8+ business lines to leverage the most relevant features and modules applicable to their unique needs. Kooltra is a single platform solution that allows Velocity to continuously implement efficient workflows, automate them, and deliver advanced reporting across the entire firm as their needs and business evolves. 

By leveraging Kooltra, they were able to - 

  • Efficiently grow many lines of business while maintaining margins and keeping costs (and headcount) down
  • Gain critical insight across their business in real-time
  • Completely automate their month-end P&L reporting, a process that historically consumed a significant amount of time in manual data extraction and manipulation.
  • Expedite new customer onboarding 
  • Improve compliance risk monitoring and reporting 
  • Improve overall reporting and automation capabilities
“Kooltra is absolutely essential to our business. They are incredibly flexible and incredibly knowledgeable. They truly understand FX and that greatly impacts their ability to serve us and other customers in the industry.” 
Will Baker
Head of Deliverable FX
Founded
2007
HQ
Toronto, Ontario
Category
Broker Dealer