Bringing you live news and features since 2006 

Trident launch

Altus Business Systems launches Altus Reconciliation Gateway to support new CASS requirements

RELATED TOPICS​

Altus Business Systems has launched the Altus Reconciliation Gateway (ARG) an automated asset reconciliation break and rectification solution for platforms, wealth managers, pension administrators and fund managers.

ARG standardises the reconciliation and rectification of investigation breaks via industry agreed best practice and data formats. This means that breaks are fixed more efficiently which minimises market exposure, provides a full audit trail and helps both distributors and Transfer Agencies to meet new CASS requirements.
 
Current reconciliation processes are non-optimised and conducted manually, making it time consuming, resulting in inefficiencies across the fund management supply chain. This has left the industry struggling to cope with rectifying the growing number of reconciliation breaks caused by an increased volume of transfers and share class conversions caused by the RDR. This challenge is further complicated by the changing regulatory landscape over the next eighteen months. From June 2015, custodians and registrars will be required to perform reconciliations on a monthly basis. In April 2016 RDR II will end rebates for legacy share classes leading to further share class conversion projects whilst the industry also wrestles to cope with the Government’s introduction of changes to retirement freedoms.
 
This means firms need to prepare now and start to implement optimised electronic straight through processes in order to handle the resulting increase in reconciliation breaks and ensure breaks are investigated without delays.
 
William Watling, Product Marketing Director at Altus Business Systems says: ‘The increased regulatory burden over the next twelve to eighteen months means that the pressure has never been greater for the investment world to ensure it is ready for change. The new CASS rules due to be introduced later this year coupled with RDR ll and the new pension freedoms provide a ‘perfect storm’ across the industry this year as firms work towards ensuring compliance. ARG is ready now to implement in time for the CASS rules in June and facilitates compliance with new regulation thus saving firms time, money and a sharp tap on the wrist from the FCA.’

Latest News

US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by