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Commcise and Convergex's Westminster Research Associates Announce Integrated MiFID II Compliant Research SolutionLONDON and NEW YORK, March 15, 2017 /PRNewswire/ -- Commcise, the award-winning provider of integrated commission management solutions for investment management firms, and Convergex's Westminster Research Associates, are pleased to announce that the two firms will offer a fully integrated, technology-based solution that provides a complete end-to-end solution that allows asset managers to be compliant with the upcoming MiFID II regulations relating to payment for research. Westminster is an industry-leading broker-dealer specializing in providing full-service custodial aggregation solutions and access to an extensive network of independent research to the institutional investment community. Convergex is an agency-focused global brokerage and trading related services provider. Due to come into effect on 3 January 2018, the MiFID II regulations will require investment managers to be far more rigorous in the way they manage their research spend. In just over nine months from now, asset managers in Europe must be able to demonstrate, at a minimum:
At the same time, to improve efficiencies and reduce operational costs, buy-side firms are looking for a single integrated solution that can handle all key aspects of commission sharing agreements (CSA) and research payment accounts (RPA). This includes trade reconciliation, invoice management, research budgeting, research evaluation, consumption tracking, payment processing, cash management, MiFID reporting and due diligence support. The joint solution approach will allow buy-side and sell-side firms alike to benefit from a turn-key MiFID II-compliant system. Amrish Ganatra, MD at Commcise said "We are pleased to be working with Westminster Research Associates, which has a long pedigree of pioneering research aggregation services and a strong research network that will complement Commcise's offering. We believe asset managers are looking for a single intgrated solution. By integrating our technology, technical and business expertise and experience, we will be able to offer clients a wider range of options." Chris Tiscornia, CEO of Westminster Research Associates, commented "Commcise is an award-winning provider in this field, and we are delighted that Westminster can now offer clients extensive functionality for managing research payments. We expect this will open up many new opportunities for us, particularly in Europe, as we continue to prepare for the implementation of MiFID II." Commcise Convergex /Westminster About Commcise Built on the same technology stack as our award-winning buy-side platform, Commcise Sell is a cloud-based commission management platform for the sell-side. Commcise Sell allows executing brokers to transparently manage research commissions on behalf of their buy-side customers in a regulatory compliant manner. Whilst fully supporting the management of CSAs, Commcise additionally supports management of research payment accounts (RPAs) funded by transactions or by the accounting model. By providing a fully-audited and controlled platform that includes our industry-leading algorithmic rules engine, invoice management, research accounting and reporting in addition to white-labelled portal, Commcise Sell can allow brokers, research providers, custodians, fund accountants or any RPA administrator to manage commissions in any level of granularity and as demanded by their customers. Commcise was founded by buy side industry professionals, with founding members including the partners of a leading Investment Technology consulting firm who have in-depth experience of implementing complex global technology solutions for asset management firms. With over 200 buy-side and sell-side clients globally, Commcise's clients include some of the largest institutional asset managers, hedge funds and brokers in the world. For further information on Commcise, please go to www.commcise.com or follow us on twitter at @commcise About Convergex About Westminster Research Associates For further information on Westminster Research Associates, please visit http://www.convergex.com/our-solutions/westminster-commission-management/ To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/commcise-and-convergexs-westminster-research-associates-announce-integrated-mifid-ii-compliant-research-solution-300424001.html SOURCE Convergex |