ALaS Consulting Enhances OSI Readiness Offerings

With just months remaining before the February 2010 deadline for implementation of the Options Symbology Initiative (OSI), ALaS Consulting is offering clients a five-step plan to take them from an initial readiness assessment to final execution and OSI compliance. ALaS Consulting (www.alascorp.com) clients in the financial services industry include international banks, capital markets firms, broker dealers and hedge funds.

OSI is an industry-wide program that will replace the existing system for identifying and communicating exchange-listed options contracts with a new naming convention better able to support non-standard options. "ALaS has a history of providing the financial services industry with process analysis, process re-engineering, project management and testing expertise. We have an experienced OSI team and a comprehensive conversion framework to help our clients comply with the new Symbology Initiative," said Erik DiGiacomo, president of ALaS Consulting.

The ALaS OSI plan includes the following services:

• Readiness Assessment: review infrastructure to identify key risks and potential mitigation strategies
• Project Management: administer the OSI work stream to coordinate with vendors and internal resources to complete testing, conversion and implementation
• Conversion Process Design: develop a strategy to convert all vendor applications, proprietary tools, processes and controls to OSI specifications
• Conversion Testing: design and perform a comprehensive test plan across all impacted applications, functional areas and industry organizations (OCC)
• Implementation: construct and execute a go-live action plan; assist with any post-implementation challenges

After the new system is implemented, the vast majority of options symbols will match the underlying security symbol. Options will then be represented by a 21 character string instead of the current 3 to 5 characters. This change promises to reduce errors in front, middle and back office processes, while providing flexibility in new product development at the exchanges.

About ALaS

ALaS is the consulting firm of choice for some of the world's largest financial services firms seeking to minimize risk, improve controls, contain costs and achieve greater transparency into critical post trade processes. ALaS offers tactical and strategic consulting and process reengineering across all asset classes and functions, including accounting, regulatory reporting and operations.

In both 2008 and 2009, ALaS was recognized by Inc. Magazine as one of the fastest growing privately held companies in the US. ALaS currently has 100+ employees and is headquartered in New York City. For more information call 212-944-1199 or send e-mail to sales@alascorp.com.