Commcise, a provider of Integrated Commission Management Solutions for investment management firms, has announced that BNP Paribas Investment Partners has chosen to partner with the company by implementing Commcise Buy globally.
Commcise has provided a complete multi-broker, multi-asset, integrated Commission Sharing Agreement (CSA) and Share-of-Wallet hosted service, as well as consultancy to ensure a smooth transition to the new solution that runs across BNPP IP’s offices in Europe, North America and Asia Pacific.
Commcise Buy, the company’s cloud-based commission management platform, is designed to meet the needs of investment managers by helping them to evidence end-to-end compliance with the latest MiFID II regulatory requirements.
Commcise Buy provides automated trade reconciliation, an algorithmic rules engine, invoice management, research evaluation/broker vote, consumption tracking, commission budgeting, research accounting and reporting in a single fully-audited solution.
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Amrish Ganatra of Commcise said: “Implementing Commcise Buy has enabled BNPP IP to have holistic transparency over their global commission spend in a single fully integrated solution. Our two firms worked exceptionally well together and delivered the project, within months, against an aggressive schedule”.
Increasing Regulatory Requirements
Managing commissions has historically involved juggling spreadsheets, manual trade reconciliations and payment processes. Many firms continue to operate manually intensive processes but, with the increased regulation and transparency requirements, firms are now finding this process difficult to scale and monitor with any confidence.
This need for automation and transparency, operating within an audited framework, was the principal driver for BNPP IP moving to the Commcise platform.
The project migrated historic voting data and established desk-level CSA balances allowing more granular management by the Fund Managers and the CSA team.
BNPP IP also benefits from a single integrated process for consistent broker voting, research evaluation and research budgeting across all fund management and trading desks on a global basis.
Delphine Padovani, Head of Financial Intermediaries Relationships at BNPP IP, commented: “We chose Commcise to provide us with a robust, fully audited method of managing our commission spend with a number of CSA brokers.”