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Commission Management – Virtual Aggregation

Aggregation 2.0

If you have been working with a custodial aggregator or are thinking about it, there has not been an alternative until now for a full service platform offering the technology and the service layer to manage your entire program from reconciliation to payments.

Two commission management service levels from Commcise:

Technology Only: COMMCISECM is a turnkey solution that automatically unbundles every trade (full-service and soft dollar) and provides a technology-based trade reconciliation engine. You get greater transparency on research spend and can materially increased your spending power with research providers.

Full Service (Agg 2.0): Supporting virtual aggregation or used alongside your existing custodial aggregator, Agg 2.0 from Commcise & Euronext provides full research accounting, automated trade reconciliation, 28e fixed invoices, research vote payments and more from our world class client service team.

Product Benefits

Commcise’s award winning research funding web-based software, CommciseCM has been paired with a client service team from Euronext to offer a full service commission management solution. An alternative to the legacy custodial aggregator services, Aggregation 2.0 still provides a complete outsourcing of CSA balance reconciliation and bill payments with the added benefit of a fully transparent and auditable platform from which you can monitor activity, run reports and use as a foundation for research budgeting.

The commission aggregation market is evolving. Competitive and regulatory pressures are driving change. Asset managers are demanding more from their aggregation providers because, in turn, regulators and asset owners are demanding greater transparency. Aggregation 2.0 has been a long time in the making, but it is now firmly here.

Asset managers get more purchasing power at each of their CSA brokers as a result of adopting an Agg 2.0 solution. Brokers can achieve greater operational efficiency and have direct access to their client and therefore benefit when asset managers move to an Agg 2.0 solution.

Product Features

Commcise’s award winning research funding web-based software delivers full commission wallet view of trade accruals and AM-funded research. An alternative to the legacy custodial aggregator services it also eliminates all manual processes - no more spreadsheets and emails.
Fully transparent and auditable platform from which you can monitor activity, run reports and use as a foundation for research budgeting.
A client-specific cloud-based solution trusted by many of the worlds largest asset managers.

Sets accrual budgets for research providers at any level and tracks allocation of budgets to portfolios. Automatic alerting when approaching a set funding target

Supports global funding methods: CCA, CSA, RPA and P&L. Its flexible rules engine determines commission pools, splits and trade eligibility of CSA and full-service rate trades with accurate unbundling of principal trades.

API support for integration with external systems. Automated integration to custodial aggregators and banks to hold ring-fenced, client-specific CSA / P&L balances. Integration with internal buy-side systems – OMS / Data warehouse / Account Payable. Support for third party broker vote integration

Complete double-entry accounting engine with full support for dynamic CSA/P&L virtual pool accounting with automatic trade tagging to desk / team / strategy / entity. Account / client level accrual accounting of bundled trades. Manage level of cross-subsidisation between strategies with real time CSA balances and statements across all brokers. Demonstrates how clients have benefited from research

Complete outsourcing of CSA balance reconciliation and bill payments with a technology enabled client service team.
Reduced economic burden on your brokers and greater purchasing power for your commission dollar. Greater transparency than the traditional “black box” spreadsheet and email approach to managing CSA balances and payments. Offered in a virtual aggregation environment or along side your custodial aggregator.

Complete ‘full commission wallet’ reporting with flexible user-customisable interactive trade dashboard. Reports by broker, team, voting period, asset type, service type, etc. Exportable data formats for bespoke analysis and integration. Fair allocation reporting of research funding and consumption down to portfolio level*
Comprehensive set of MiFID II reports*

Shows CSA, RPA and P&L payments within a single view with payment workflow support with segregated roles.
Automatic notification to all research providers of payment.
Automatically generate and track payment instructions.
View and analyse transactions in a balance.
Intelligent rules-based targeting of funding pools where firms are supporting P&L and client-funded research.
Single audit trail over all research provider expenses.

Sophisticated trade matching engine automatically pairs asset manager and broker CSA / Soft Dollar trades. Configurable CSA / Soft Dollar trade reconciliation engine with fully-audited, allocation-level trade reconciliation. 100+ contracted brokers on network with
robust online exception management workflow between asset manager and brokers for any recon breaks.
Supports multiple asset classes.
Supports tri-party reconciliations including Prime Brokers.
Automatic sweep notifications for custodial aggregation.