Winter Newsletter 2020

All the latest from CubeLogic

Welcome from Lee Campbell, CEO

Well I don’t need to call out the fact that 2020 has been a strange year to say the least. Everyone has felt their own unique challenges but I think, and I’m happy to say, that our business has weathered the storm and we are in good stead as we look forward to 2021. It has been especially interesting to witness how our offices over the globe have dealt with the pandemic with the majority of our staff based from home for most of the year.

Putting COVID to one side our business has undergone a huge transformation, and I am delighted that we managed to pull off a significant equity deal. Growth Capital Partners LLP came on board in June and their minority shareholding investment has enabled us to really expand the team and the service we offer. We have taken on a number of hires, at all levels, we now employ over 100 people across our five global locations. And this won’t stop, we are on a mission to dominate the enterprise risk and compliance space, 2021 will see continued investment in people and our technology.

As always nothing is possible without our loyal customer base and so I would like to take this opportunity to thank all of you for your continued support in what has been a tough year for everyone. Whilst the pandemic is not over there is some light at the end of the tunnel and so I sincerely hope that 2021 will see us getting back to international travel and we will come and visit all of you!

2020 Growth Statistics

Key metrics to indicate our continued growth.

+ 32 Employees

+ 7 Global Clients

55 Projects (and counting)

6 Industries served

Your Opinion Matters

Our annual Customer Satisfaction Survey is now live. We kindly ask you to take a few moments to provide us with some feedback so we may continue to deliver our high standard of service rolling into 2021.

Please note the survey will close on Thursday 14th January 2021. The results will be shared in our annual user group meeting.

Link to survey

RiskCubed release roadmap

V7.3 is now available

Overview

Unicode capability to incorporate Chinese characters
Enhancement to Limits and Credit Insurance Modules
Incorporation of special formulas and score card type to support interpolation in scoring model
Position Limit Management module as CubeWatch PL

Regulatory Cube Enhancements

Standard regulatory workflows in HTML5 with added configuration capability
REMIT and EMIR changes as required by the trade repositories as well as changes required to support BREXIT
New FCA-UK requirements

Version 8.0 – Major release

Scheduled for 29^th March 2021. V8.0 is a landmark release to deliver technical advancements to the product. Following this release users will be invited to participate in the Beta testing program to familiarize themselves with the product and provide their valuable feedback.

V8.0 - Limit Management

Redesign of limits functionality to improve ability to manage limits that vary over time
Enhanced immediate limit verification and over-allocation notifications
Completion of new Limit Management Screen for all use cases – including temporary limits, 4 eye processes, position limits and headroom limits

V8.0 - Credit Insurance Exposures

Enhancement of Cube measures and dimensions to support new credit insurance related data points
Improved support for single-counterparty insurance in Exposure calculations
Complete first phase delivery for enhanced calculations around the impact of credit insurance, including pro-rata allocation of multi-counterparty insurance coverage

V8.0 - Credit Walk-forward and Secondary Exposures

Enhancements to the handling of secondary exposures in credit walk-forward
Improvements to the display of LCs and other mitigants in walk-forwards

V8.0 - Market Risk Performance

Realtime dashboards general release
Position Cube enhancements with improved loaders and support for multiple datasets and improve load performance
Kafka message bus to reduce processing lag on real-time dashboards
Improved integration with calculation engines for VaR & exposure calculations
Improvements to reference data and market risk limits management

V8.0 - Regulatory Changes

New FCA-UK requirements for Feb 2021
New EMIR- EU requirements for March 2021

V8.0 - Technical Advancements

Angular 9 upgrade of the UI technology and framework to support enhanced features
Support for SQL 2019 and other BI framework upgrade to support latest features
100% HTML, Silverlight fully deprecated
CubeWatch TS GUI Migration to HTML and integration with RiskCubed portal

RiskCubed Product Suite

CubeWatchTS – Transaction Surveillance for energy and commodities

The impressive growth of our market recognised transaction surveillance solution CubeWatchTS continues with the onboarding of a number of new energy and commodity clients, many of whom are using our recently released ICE, CME and Refinitiv interfaces. Refinitiv allows us to deliver market data with CubeWatchTS for many major markets including the CME, ICE and the LME. V7 also offers full Azure Cloud and MS SQL support. Anticipation is building for the release of our brand new HTML5 GUI at the end of Q1 2021!

Current interfaces:

EPEX
CME DC
ICE POF
Refinitiv
ICE 2CF
Trayport / MAR file

CubeWatchPL – Real time Position Limit Management

Our brand new market leading position limit management solution is now live at our first major global trading client, providing coverage of CME, ICE and MiFID II Position Limits. CubeWatchPL offers an impressive range of features significantly reducing the risk and burden of monitoring and managing position limits manually. These include a real-time dashboard, email alerting, exemptions management, position walkforwards and more. With extremely accurate aggregation logic and the inbuilt capability to cover virtually any position limit regime globally, we expect CubWatchPL to become the go-to brand in this space as we move into 2021. Please contact us if you would like to see a demo of this exciting new solution.

Market Risk offering

RiskCubed Market Risk has had a whirlwind year in 2020 with significant new client business, 3 successful go-lives and enthusiastic reception from existing and pipeline clients for our joint Numerix offering. Of particular interest to credit and market risk clients alike is our new real-time exposure architecture complete with message bus, in-memory compute engines and Signal-R streaming dashboards. This compliments our existing position reporting Cubes, which are being developed in parallel to provide a complete solution for intra-day and end-of-day market risk management and reporting. The first go-live for the new architecture is currently taking place.

Technology Update

CubeLogic has continued to build upon its technological strength throughout 2020. Migration away from Silverlight continues to be a focus, with completion expected in the first half of 2021. We have been investing heavily in modern technologies and processes, including increasing the use of event based real-time processing and cloud technologies. Risk Cubed v8.0, due for release in Q1 of 2021, will introduce support for SQL Server 2019 and move to Angular 9 – while discontinuing support for SQL Server versions prior to 2016.

New solution – Risk-as-a-Service

We are delighted to announce launch of Risk-as-a-Service (RaaS). Developed in partnership with Numerix and IOWArocks. The new service delivers advanced credit, market and compliance risk analytics in a flexible, scalable solution with both end-of-day and real-time capabilities.

Read the press release here.

Support update

We have had many new clients using our SaaS offering – this in turn has meant that the SaaS case numbers have increased over the course of the year
Cases are stabilizing as our product matures on new HTML screens
Our support team are currently maintaining overall open cases on average below 60

Client engagement events

Upcoming Virtual Global User Group schedule – Save the date

General corporate update – Wednesday 3^rd Feb – 0800 – 1100 UK time & again at 1500 – 1800 UK time

Specialist streams – Thursday 4^th Feb 2021 – 0800 – 1100 UK time & again at 1500 – 1800 UK time

Stream 1 – RISK – Credit & Market Risk

Stream 2 – REG – Trade surveillance

Virtual Global Advisory Board experience

The US instalment took place on Thursday 19th November 2020. It was well attended and despite having to be virtual we were delighted with the interaction and valuable feedback.

The UK & EMEA session is booked for Wednesday 20th January 2021 @ 0830 UK time.

Please contact us if you wish to attend.