The initial implementation went live in the Derivatives area of the bank, providing support for Futures, Fras and Fra fixings. The volumes at that time were relatively small, but were significant enough to test system stability and to verify the implementation process. Michael Wiedemann: “The implementation was a success because both organisations were very clear on what they wanted to achieve. The project was very well defined, and very few amendments need to be made subsequently”

The key objectives of the PaceMaker installation were

• the reduction of error rates by capturing errors as they occur
• real-time reconciliation between Intas and Midas
• saving on operational losses
• real-time visibility across all transactions
• drill-down capability into problem areas
• quality improvements in the front and back office environments
• creation of a centralised store of data showing trade life cycle details

After installation, the bank initially ran PaceMaker in parallel with existing monitoring procedures. Following the implementation of some enhancements - including the ability to handle statements coming in from its Futures Clearer - and final acceptance testing, parallel monitoring was discontinued.

HypoVereinsbank has been live with PaceMaker since 2000, and is currently running Version 4.