FIX Flyer, a trading solutions provider, has launched its commission sharing arrangement (CSA) platform, Flyer CSA, and is now in production with a major broker and its buy-side clients.
Flyer CSA has been designed to simplify workflow between trading, operations, compliance, legal, vendors, and research partners so that commissions can be accurately and promptly paid.
The platform integrates trade system data, commission and account reference information and payment data.
Buy-side clients will have the ability to automatically reconcile trades with their brokers by uploading exported trades from their own order management systems and searching a broker’s recorded trades. Each payment and approval action between counterparty and internal compliance group is logged and kept in the system. All data is integrated to the Flyer CSA platform via FIX drop copies, databases or files from clearing systems.
The platform can be hosted at Flyer’s secure data centre, offered in conjunction with data centre and connectivity provider Equinix, or at the customer’s own site. The service is available to both buy- and sell-side firms.
According to FIX Flyer, the platform’s multi-broker model will help the buy-side diversify and encourage competition among their brokers. The sell-side, meanwhile, will be able to white-label the platform and customise it for each user.
“Our customers are looking for ways to automate their middle office, gain efficiency surrounding CSAs and share that information with all of their trading community in an interactive way,” said George Kledaras, chairman and co-founder of FIX Flyer, in a statement.