One of the phases of integration for the London market’s PPL electronic trading platform has been brought forward, while another has been delayed as the existing timeframe was deemed too ambitious.
Phase 1 of integration, which includes the alignment of Placing Platform Limited (PPL) technology with a market data capture initiative designed to prevent the need for re-keying information, so saving time and enhancing data accuracy, is set to be brought forward.
So-called Release 2C, which includes enhancements and functionality surrounding facilities business, as well as workflow and reinsurance, has been delayed to be launched at the same time as the phase 1 integration.
David Ledger, Chairman of the PPL Board said “By bringing the two deliveries together in June, we can give the market the extra time they have asked for to review and ready themselves for the next release of PPL.
“The market has stressed the importance of the PPL board listening to their concerns and, in light of this, we have had discussions with Ebix senior management to look at how we can better accommodate the market’s needs. It has become clear that there are concerns that the timescale for 2C is too ambitious, particularly as regards Market Acceptance Testing, and we have taken on board that the market wants faster integration. We felt it prudent to look at our options for change, without undermining momentum the market has built up so far.”
Delivery of the PPL system is key to London’s insurance and reinsurance market modernisation ambitions. It is an ambitious program of work, which is viewed as vital to the ability of the market to trade into the future with efficient, technology platforms for risk trading.