Northern Trust taps Commcise’s commission management for Institutional Brokerage

Rick Steves

Northern Trust has partnered with Commcise to streamline the commission management process for its Integrated Trading Solutions (ITS) clients. 

The bank’s outsourced trading capability combines worldwide trading expertise in equities and fixed income across global markets, coverage from multiple trading locations, access to high-quality liquidity, flexible and customizable foreign exchange trading solutions and a fully integrated middle- and back-office service.

Commcise offers cloud-based software solutions, including commission management and aggregation services, research valuation, consumption tracking and share-of-wallet reporting.

Northern Trust’s differentiated approach to trading includes Integrated Trading Solutions, offered through Institutional Brokerage. Both are part of Northern Trust Capital Markets which provides foreign exchange, securities lending and transition management services.

Full commission wallet and research budgets

Grant Johnsey, Head of Integrated Trading Solutions, Americas, for Northern Trust Capital Markets, said: “As a leading outsourced trading provider, we are an extension of our clients’ operations. We recognize the importance of accessing key research while also balancing execution costs. We chose Commcise as a best-in-breed provider of technology and commission aggregation services to give clients a complete view and management of their full commission wallet and research budgets. This enhanced capability is evidence of how we look across the spectrum of client challenges and provide solutions for their whole office.”

Amrish Ganatra, Chief Executive Officer of Commcise, commented: “We are delighted to collaborate with Northern Trust. They are a leader in outsourced trading, especially with larger asset managers and hedge funds. As many of their clients fully outsource trading to them, we believe that our tools to help manage commission budgets and track research utilization will prove extremely valuable.”

Commcise provides managers with automated soft dollar reconciliation, invoice/contract management, commission targeting, broker voting, commission management and reporting.

Users leverage Commcise for the tracking and reporting of research expenses, invoices and payments while their client service team provides for comprehensive commission aggregation services including trade reconciliation and invoice management.

Euronext acquired Commcise in 2018

It was in 2018 that Euronext acquired 78% of the capital of London-based Commcise from its founders for an initial cash consideration of £27 million.

The cloud-based research commission management, evaluation and accounting solution has been meeting the needs of asset managers, brokers and independent research providers since being founded in 2013.

Commcise combines research funding, consumption and accounting into a single fully integrated platform, with three products:

  • CommciseBUY provides asset managers with a cloud-hosted platform to manage their research funding and associated cost allocation (irrespective of whether its paid through trading, direct charge to clients or P&L), automated trade reconciliation, resource consumption tracking, contract management, research accounting, as well as flexible reporting tools to improve transparency in line with MiFID II regulation;
  • CommciseSELL is a cloud-hosted platform for broker-dealers and research providers covering commission management and service pricing;
  • CommciseRP is a service pricing and client profitability tool designed to meet the specific needs of independent research providers.

 

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