Background

In 2016, Bloomberg’s acquisition of Barclays POINT marked a significant shift in the financial technology landscape. As a widely-used fixed-income portfolio analytics and risk management system, POINT was deeply embedded in many financial institutions’ workflows. The acquisition presented a unique challenge: migrating complex systems and processes to Bloomberg’s PORT platform while maintaining business continuity and preserving critical functionality. Here is a case study, how we helped one of our client’s migration journey.

The Migration Challenge

Initial Assessment

Our initial evaluation revealed several critical challenges:

  1. Data Model Differences: POINT and PORT utilized fundamentally different data structures and risk methodologies, requiring comprehensive data transformation strategies.

  2. Missing Functionality: Bloomberg’s acquisition didn’t include Barclays’ proprietary fixed-income factor models, creating significant gaps in risk analytics capabilities.

  3. Integration Dependencies: Numerous downstream systems and reports relied on POINT’s specific data formats and APIs, necessitating extensive modification.

  4. Tight Timeline: Bloomberg’s hard deadline of August 2018 meant we needed to complete the migration while maintaining daily operations.

Solution Architecture

Phase 1: Data Pipeline Transformation

To address the data model differences, we implemented a multi-layer data transformation pipeline:

  1. Extract Layer: Created robust extractors for POINT’s historical data, ensuring complete capture of portfolio positions, risk metrics, and performance data.

  2. Transform Layer: Developed custom mapping logic to transform POINT’s data structure into PORT-compatible formats, including:
    • Risk metric normalization
    • Factor model translations
    • Performance attribution reconciliation
  3. Load Layer: Implemented parallel loading processes to maintain data consistency across both systems during the transition.

Phase 2: Custom Integration Solutions

To bridge functional gaps between POINT and PORT, we developed several custom solutions:

  1. Risk Factor Emulation Engine
    • Created a proprietary risk factor calculation engine to replicate critical Barclays models not available in PORT
    • Implemented validation frameworks to ensure consistency with historical POINT results
    • Developed APIs to seamlessly integrate custom risk calculations with PORT’s existing functionality
  2. Report Translation Framework
    • Built a flexible reporting layer that could consume PORT data while maintaining POINT-like report formats
    • Implemented automated validation checks to ensure reporting accuracy
    • Created new visualization components to enhance PORT’s native reporting capabilities

Phase 3: Change Management

  1. User Training
    • Developed role-specific training programs
    • Created detailed documentation for new workflows
    • Established a dedicated support team for transition period
  2. Stakeholder Communication
    • Regular progress updates to all stakeholders
    • Clear escalation paths for issues
    • Transparent timeline tracking

Results and Impact

The migration was successfully completed before Bloomberg’s deadline despite multiple delays on Bloomberg’s end, with several key achievements:

  1. Zero Data Loss
    • Successfully migrated 100% of historical portfolio data
    • Maintained data integrity throughout the transition
    • Preserved critical risk analytics capabilities
  2. Enhanced Functionality
    • Custom solutions provided additional features beyond original POINT capabilities
    • Improved system performance and reliability
    • Better integration with other Bloomberg tools
  3. Business Continuity
    • No disruption to daily investment operations
    • Maintained regulatory compliance throughout transition
    • Preserved existing workflow efficiency

Lessons Learned

  1. Early Gap Analysis is Critical
    • Comprehensive feature comparison between systems
    • Clear identification of custom development needs
    • Early stakeholder alignment on priorities
  2. Flexible Architecture Pays Off
    • Modular design allowed for iterative improvements
    • Separate concerns enabled parallel development
    • Reusable components reduced development time

Conclusion

The successful migration from Barclays POINT to Bloomberg PORT demonstrated the importance of careful planning, robust architecture, and strong change management in complex system migrations. The custom solutions developed not only bridged the immediate gaps but also provided a foundation for future enhancements and innovations in fixed income portfolio analytics.

Through this migration, we not only met the technical requirements but also improved overall system capabilities, setting up our client for continued success in portfolio and risk analytics areas.