TECHNOLOGY

Convergex integrates Commcise tech for MiFID II research payment

Westminster Research Associates and Commcise team up for technology tool for research commission management.

By Hayley McDowell hayley.mcdowell@strategic-i.com March 15, 2017 12:01 PM GMT

Convergex’s Westminster Research Associates has teamed up with commissions management firm Commcise to launch a MiFID II research tool.

The fully integrated, technology-based tool provides end-to-end research payment management for buy- and sell-side firms.

Both parties said the buy-side is looking to improve efficiencies, reduce operational costs and a single integrated solution that can handle all key aspects of commission sharing agreements (CSA) and research payment accounts.

Chris Tiscornia, CEO of Westminster Research Associates, explained its clients will have access to “extensive functionality for managing research payments” and he predicted more opportunities for the firm as MiFID II comes into effect.

Convergex recently hired industry veteran, Robin Strong, to expand its European commission management, research payment and outsourcing services.

Strong is responsible for delivering Convergex Group’s Westminster Research Associate unbundling and MiFID II tools to the firm’s European client base. 

A recent report found unbundling requirements could reach beyond Europe as global asset managers with substantial business in the region are opting to adhere to MiFID II’s unbundling rules.

The research said large buy-side firms with a presence in multiple regions are looking to ‘lessen the burden’ of maintaining distinct research management processes in different parts of the world.