Agency broker Hobart Capital Markets has teamed up with Markit to offer its buy-side clients with a commission management solution.
The move follows a recent speech by FCA CEO, Martin Wheatley, which called for greater transparency in commissions paid for execution and research.
Hobart clients will be able to direct commission sharing agreements (CSAs) to its execution platform and reconcile those trades, track commission flows and manage third-party payments from a single location.
Tim Sargent, managing director at Markit, said the deal “enables buy-side customers to streamline their workflow processes and demonstrate they are efficiently managing and accounting for their CSA payments.”
Another agency broker, Instinet, has also upgraded its commission management platform.
Instinet Plazma system has added provider ratings, fixed income capabilities and two dozen new broker participants to its T*Share commission aggregation system.
“CSA and CCA programs continue to gain favour worldwide as a means to provide transparency into the commission payment process, and Instinet has long been at the forefront of driving this trend,” said Luke Mauro, global head of operations at Instinet.
“Over the years we’ve worked extensively with our clients to develop CMS solutions that deliver tangible workflow benefits, and we’re pleased to build on this legacy of collaborative innovation with these latest enhancements.”