Baymarkets Launches Clarity Platform for Automated Workflows and Regulatory Compliance

Per Andersson, head of business development at Baymarkets, tells WatersTechnology that Clarity is a communication integration platform where users can add logic to their current workflow.

The platform includes two main services. Clarity Limit communicates with users’ order managements systems (OMSs) and execution management systems (EMSs). Andersson says the service features a kill switch that enables users to kill a certain account, client or user, which then sends this instruction to the connected OEMS. 

“Clarity Limit becomes an aggregated control mechanism, making it easier to shut down individual or multiple accounts if a severe event comes up,” he says. “Our product is agnostic to the orders being traded in dark or lit pools.” 

Peter Fredriksson, CEO of Baymarkets, says there are several limits controls users can set up. Right now, there are up to six pre-set controls on the platform. “Some of them are client-specific, others built based on general demands,” he explains. 

According to Fredriksson, under the Mifid II regulation, all orders must be credit checked before they are entered as an order. “You also have post-trade, pre-clearing limit checking so that they can have a first look before the trade is transferred to the clearinghouse,” he says. “This is where they set the limit so the trade cannot enter the clearinghouse if it is above the limit.” 

The second service is Clarity Hub, a B2B hub that includes interfaces to different clearinghouses and allows users to access them from one system. 

Andersson says the technology takes advantage of the clearinghouse’s APIs. “We take out a specific burden,” he says. “Otherwise, they need to do this API program from their own systems, so it becomes an integration hub for that, where instead of integrating to each clearinghouse, they can use just one system.”