NEW YORK, July 20, 2017 /PRNewswire/ -- CorpAxe, the premier resource management and valuation platform and Cowen's Westminster Research Associates, an industry-leading broker-dealer specializing in providing full-service custodial aggregation solutions and access to an extensive network of independent research to the institutional investment community, today announced an agreement to offer investor clients an end to end solution for tracking, evaluating and payment processing of resources in compliance with MiFID II requirements.
CorpAxe is a proprietary resource management and broker vote system that allows buy-side clients to view aggregated sell-side marketing calendars, resource consumption, broker votes, budgeting and commission management. CorpAxe allows for customizable options for buy-side PMs and Analysts, as well as reporting analytics for management.
"As our clients seek an all in one solution for MiFID II compliance, we are excited to bring our expertise to Cowen's Westminster Research Associates' platform," stated Ed Byon, Co-Founder and CEO of CorpAxe. "Our platform offers the most comprehensive level of validation, pricing methodology and reconciliation processing. Combining it with Cowen's Westminster Research Associates, who specializes in providing full-service custodial aggregation solutions, will not only bring greater accuracy and efficiency to the payment process, but will also allow our clients to have a greater level of confidence in their end to end MiFID II compliance solution."
Integration Allows Investors To Manage Their MiFID II Requirements With Greater Confidence
The integration allows resource consumption and evaluation data to be pushed from the CorpAxe platform to Westminster Research Associates, via API, for more accurate invoicing of payments. Additionally, a two-way data transfer allows CorpAxe users the ability to track balances and payments alongside broker vote and reporting analysis. Making this data available alongside other sell-side interaction data provides users with a complete, unbundled overview and MiFID II compliant audit trail.
Cowen's Westminster Research Associates is an industry-leading broker-dealer that provides full-service custodial aggregation solutions to the institutional investment community. Westminster RPA provides tools that allow investment managers to manage research budgets by strategy, allocate payments against these budgets and generate MiFID II compliant reports for clients, regulators and internal control.
"As many of our clients prepare for MiFID II and its enhanced reporting requirements, Westminster Research Associates is committed to extending its full-service model to offer clients the flexibility to import budgets, consumption data and relevant quality assessment information," said Chris Tiscornia, CEO of Westminster Research Associates. "By integrating with market-leading firms like CorpAxe, we are confident that our collective end-to-end solution will allow our clients to be prepared for the forthcoming reporting requirements and the research valuation and payment process."
CorpAxe is a cloud-based market-leading corporate access events aggregator, resource management and broker vote platform. It allows clients to view aggregated sell-side marketing calendars (including management of conference registrations/deadlines, open requests for access and confirmation of meetings and attendees).
CorpAxe is flexible and highly customizable. It is the premier reporting analytics tools for CIOs, DORs and senior management teams. The platform allows for price discovery, accuracy of management in attendance for regulatory review and commission management. CorpAxe receives data via direct uploads from our broker partners and follows a strict proprietary validation process that minimizes errors and therefore inaccurate payments and votes.
About Westminster Research Associates
Founded in 1993, Westminster Research Associates is a broker-dealer that provides a broker-agnostic, anonymous trading framework which allows investment managers to aggregate CSA credit balances and simplify the process of obtaining investment research. Westminster RPA has been created specifically to address the unbundling requirements of MiFID II. Based on the Westminster Research Associates' CSA platform, Westminster RPA (an offering of Cowen Execution Services Limited) retains the "full service" outsourcing model and adds budgeting tools, payment allocations and regulatory reporting. Westminster RPA supports all common RPA funding models and offers an industry leading banking structure to safeguard client assets.
The Westminster RPA offering leverages the physical aggregation model trusted by over 700 CSA clients globally. By enhancing this model in preparation for MiFID II, Westminster RPA allows research accounts to be funded by specific client charges, the manager's P&L, an accounting based charge ("the Swedish model") or via trading commissions swept from CSA accounts. An integrated research portal supports the acquisition of research from over 4,000 providers with a fully audited payment process fulfilled by Westminster RPA.
Westminster RPA provides tools that allow managers to create budgets at firm, fund and strategy levels; allocate research payments against these budgets and generate MiFID II compliant reports for internal control, regulators and clients. Clients can also import budgets, payment information and trade details from a number of external sources, including most budgeting and research valuation platforms. For more information, reach out to [email protected] or visit www.cowenexecutionservices.com.