Project Overview
Our team at Larkbyte got to work on a comprehensive settlement system modernization initiative leveraging Microsoft Azure Cloud, Azure Databricks, and Power BI to transform the European Stock Exchange's settlement operations. This digital transformation project aimed to eliminate manual processes, reduce settlement times, and provide real-time visibility into settlement operations.
Business Challenge
The European Stock Exchange faced critical settlement system challenges:
- Legacy system causing 4-hour delays in settlement processing
- Manual reconciliation leading to €1.8M annual losses
- 15% settlement failure rate impacting market efficiency
- Lack of real-time settlement visibility
- Complex regulatory compliance requirements
- Scalability issues during peak trading hours
Technical Solution
- Azure Kubernetes Service (AKS) for scalability
- Azure Event Hub for real-time data streaming
- Azure Key Vault for security
- Azure Monitor for system health
- Azure Databricks for data processing
- Delta Lake for data reliability
- MLflow for machine learning pipelines
- Azure Data Factory for ETL
- Power BI for real-time dashboards
- Custom settlement analytics
- Automated reporting system
- Interactive data exploration
Key Achievements
93.75%
Reduction in Processing Time
- From 4 hours to 15 minutes
- Real-time settlement tracking
€1.2M
Annual Cost Savings
- 75% reduction in manual operations
- Improved resource allocation
99.8%
Settlement Success Rate
- Reduced failure rate by 14.8%
- Enhanced market efficiency
Implementation Timeline
Phase 1: Azure Infrastructure (2 months)
- Cloud architecture setup
- Security implementation
- Network configuration
Phase 2: Data Platform (3 months)
- Databricks workspace setup
- ETL pipeline development
- Performance optimization
Phase 3: Analytics & Deployment (1 month)
- Power BI dashboard development
- User acceptance testing
- Production deployment