BNP Paribas Investment Partners has implemented CommciseBuy, an integrated commission management solution from Commcise.
Commcise 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.
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 (with integrated service history / consumption data being made available to each voter) and research budgeting across all fund management and trading desks, on a global basis.
Delphine Padovani, head of financial intermediaries relationships at BNPP IP, says: “We chose Commcise to provide us with a robust, fully audited method of managing our commission spend with a number of CSA brokers. The technical and business expertise Commcise possess allowed them to quickly understand, design and deliver the software features we required within a very aggressive timeline. The product was rapidly configured to fit the nuances of our processes and we are delighted with how the project has worked for us.”
"Implementing CommciseBuy 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.” says Amrish Ganatra (pictured) of Commcise Software. “We are very pleased that BNPP IP chose Commcise as a partner and look forward to working with them in the future as the regulation develops.”
Commcise assists investment managers, brokers and independent research providers to demonstrate improved compliance with the changing regulatory landscape and evolving market practices.
