London
30 March 2017
Reporter: Becky Butcher

Commcise and ITG team up on MiFID II


Commcise, a commission management solutions company and technology provider ITG have paired up to combine their research payment and management solutions to provide an end-to-end solution under the Markets in Financial Instruments Directive (MiFID II).

The solution is intended to allow asset managers to carry out the complete research management process with a single front-to-back audit trail and integrated workflow.

Under MiFID II, which is due to come into effect 3 January 2018, investment research must be bespoke to each institution, and investment firms must pay for research with their own funds, or through a separate designated account, which is charged to the client. Research fees also have to be separated from execution and trading fees, and there must be evidence to show the new rules are being adhered to.

The new rules are designed to improve transparency, and to stop research costs being unfairly passed on to clients.

The Commcise and ITG solution is intended to help ensure trade activity is unbundled from research fees, and to show fair allocation of research charges to a fund level.

Commcise will track and manage budgets at a strategy, desk or fund level, using accounting data to assess research charges. It will then calculate any rebates, and deliver instructions to ITG for repayment.

Jack Pollina, managing director at ITG, commented: “This integration with Commcise enhances the value of our comprehensive research payment account solution. With MiFID II fast approaching, investment firms need to rethink their research spend processes and ensure what they have in place is compliant with the new regulations.”

“By collaborating with key partners like Commcise, we can help clients have the best end-to-end solution, meeting their investment research needs as well as their regulatory obligations.”

Amrish Ganatra, managing director at Commcise, added: “We are very pleased to announce our latest integration with ITG, a market leader in the provision of investment solutions and research payment accounts custodial aggregation services. This is further evidence of the open nature of our platform.”

More Industry news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Clearstream promises post-Brexit services continuity
20 October 2017 | London | Reporter: Jenna Lomax
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement
SIX successful in migrating clearing payments under ISO 20022
19th October 2017 | Zurich | Reporter: Jenna Lomax
The new Swiss Interbank Clearing (SIC) payment system facilitates the cash-side settlement of securities transactions in real-time
Peel Hunt expands Torstone’s Inferno into US business
13 October 2017 | London | Reporter: Theo Andrew
According to Peel Hunt, the agreement with Torstone will give the firm more flexibility to develop its US business
Orange and BASF select BNY Mellon as depositary bank
12 October 2017 | New York | Reporter: Becky Butcher
BNY Mellon has been appointed as successor depositary bank by both BASF, a German-based chemical company and Orange, the telecommunications company, for their American depositary receipt programmes
BNP Paribas wades into collateral pools with triparty service
05 October 2017 | London | Reporter: Drew Nicol
As a triparty collateral agent, BNP Paribas Securities Services handles its clients’ collateral needs, from net exposure calculation, automatic collateral allocation and substitution, to physical settlement and custody
Smartkarma opens European hub in London
25 September | London | Reporter: Theo Andrew
According to Smartkarma, the move means European analysts can now register with the platform to join the data platform, offering a network approach to insights and publishing tools
First RFQ inflation swap transactions executed on Tradeweb platform
25 September 2017 | London | Reporter: Stephanie Palmer
Tradeweb has completed the first cleared inflation swap transactions using request-for-quote protocol, on its European Interest Rate Swap platform
More Industry news