Success Stories—Back-Office Conversion Self-Clearing to Fully Disclosed Status with Pershing

Back-Office Conversion Self-Clearing to Fully Disclosed Status with Pershing

Client Overview:

The brokerage arm of a large regional bank engaged Enosys to lead a one-year program to convert back-office functions from self-clearing status to fully disclosed status with Pershing. The scope included institutional DVP/RVP relationships trading equity and fixed income — requiring coordination across Finance, Compliance, Operations, and Front Office stakeholders.

The Enosys Solution:

Enosys provided a team of Program Managers, Business Analysts, Operations Support, and Testing Leads. The team managed all aspects of the conversion — from requirements gathering and target state design through mock conversions, testing, and post-conversion support.

The team focused on:

Enosys led the full one-year conversion program — managing requirements gathering, target state flows and procedures, stakeholder coordination across Finance, Compliance, Operations, and Front Office, and post-conversion implementation support.

Result: Delivered a structured, on-schedule conversion program with clear governance and stakeholder alignment across all functions.

Enosys designed target state flows and procedures for the new Pershing environment — replacing legacy self-clearing processes with fully disclosed workflows across equity and fixed income operations.

Result: Successfully transitioned back-office operations to a fully disclosed model, replacing legacy clearing processes with streamlined Pershing workflows.

Enosys supported the conversion of institutional DVP/RVP settlement relationships for equity and fixed income — ensuring accurate, compliant settlement flows were designed, tested, and operational in the new Pershing environment.

Result: Delivered fully tested and operational DVP/RVP settlement workflows within the Pershing platform ahead of go-live.

Enosys supported Compliance stakeholders throughout the conversion — ensuring target state flows, procedures, and controls met regulatory requirements for fully disclosed clearing operations across equity and fixed income.

Result: Delivered a compliant fully disclosed operating model aligned to regulatory requirements for the new Pershing environment.

Conclusion

Enosys led a one-year back-office conversion program for the brokerage arm of a large regional bank — successfully transitioning from self-clearing to fully disclosed status with Pershing across institutional DVP/RVP equity and fixed income operations. Serving the Broker/Dealer and Regional Banking markets, the engagement covered program management, target state design, settlement workflow conversion, and end-to-end testing through mock conversions and post-conversion support. The engagement leveraged Pershing as the target platform.

Enosys was responsible for:

Conversion Program Management & Governance
Requirements Gathering across Finance, Compliance, Operations & Front Office
Target State Flows & Procedures Design
DVP/RVP Settlement Workflow Conversion
Mock Conversions & End-to-End Testing
Post-Conversion Implementation Support

Technology used: Broadridge (legacy), Pershing (target)

Engagement supported by Thomas Roughan.

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