About Flow Traders
Flow Traders is a publicly listed principal trading firm specializing in providing liquidity in Exchange Traded Products (ETPs) around the globe. The company was founded in 2004 and is headquartered in Amsterdam with satellite offices located in New York, Singapore, and Cluj.
As a financial technology company, Flow Traders proprietary technology platform enables them to quote, bid and ask prices in thousands of ETP listings, as well as similar financial products. They also provide liquidity to institutional counterparties off-exchange.
The Challenge
Flow Traders went public in July 2015, which meant that they had to do business with (financial) stakeholders more frequently than before and necessitated a streamlined consolidation and reporting process. “Our objective was to get rid of Excel®,” Joost Dankers, Global Co-Head of Tax & Finance said. Their Finance team grew to almost twice its original size. When several people were simultaneously working on complicated consolidated Excel files, errors occurred frequently and often. The objective was to switch to ‘one source of the truth’ from which everyone could extract information.
What OneStream Did
During the implementation of OneStream, Flow Traders had a tight calendar to work with. “We wanted a swift implementation,” says Dankers. “Particularly because I know that such projects can take a considerable time to implement, but there was company-wide support to make this a priority.” The data validation was smooth and efficient. Implementing OneStream has made the consolidation process less error-prone and more reliable.
Flow Traders also uses OneStream’s FX capabilities to automatically calculate foreign currency corrections. “The calculation of FX-corrections was previously done manually, and this was something Flow Traders wanted to address,” Dankers says. “This is the strength of OneStream: It is not a mere consolidation tool, it is a complete platform.” OneStream was able to streamline Flow Traders financial consolidation and reporting, ensure data quality management even across complex FX environments.
What OneStream Achieved
“The consolidation solution provides speed and peace of mind,” according to Dankers. “We can generate the actual reports more rapidly. In addition, there is less checking to do compared to Excel. In Excel, we felt we needed to check things over and over again, whereas now, we rely on the system. I source things in OneStream, so I know that everything is set up correctly. This provides peace of mind.”
Best Outcome:
Streamlined Financial Consolidation in a platform accessible by all.
RESULT:
Faster consolidation and reporting
RESULT:
Streamlined management reporting
RESULT:
Less time on administrative tasks, more time on controlling
