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desalasworks presents:

a selection of works by steven de salas

Markit Commission Manager

Commission Manager is a trade reconciliation tool enabling brokers and funds in the worlds largest financial institutions to settle their commission differences.

The Project

The project involved a standardized platform to aggregate and manage trade information, commission balances and vendor invoices and payments.

Functionality

Markit Commission Manager enables users to reconcile their trading commissions with multiple counterparties and then instruct those counterparties to pay for research and brokerage services – all from a single platform. This efficient workflow eases the administrative burden of managing multiple commission arrangements.

The functionality is centered around trade reconciliation, raising of invoices and managing balance differences.

  • Detailed reporting of balance, trade and invoice information
  • Efficient tools to manage and highlight trade breaks
  • Administrative configurations for new users, tolerance levels, and arrangements
  • Compliance tracking of interactions within the Commission Manager system

Business Partner Integration

In addition, it was necessary to provide systems integration with all broker-dealers that were involved in the project.

Comments on the Commission Manager platform

UserSofia Rossato – Head of Markit Research Manager at Markit

Markit Commission Manager is the latest addition to our Markit Research Manager range of services. Our objective is to enable investment firms to manage their entire research workflow – including sourcing research, tracking corporate access, voting on brokers and managing research commissions – from one single platform to bring greater efficiency and internal visibility to the whole process. Markit Commission Manager is the final piece in the jigsaw. We have partnered closely with BofA Merrill Lynch, Barclays Capital, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan and Morgan Stanley to ensure the platform meets the needs of the industry.

UserFrank Volino – Head of Global Commission Management Services at Citi

This platform is good news for buy-side and sell-side alike. It will allow the buy-side to use a standardised set of tools to manage their commission credits at multiple broker-dealers. We are very pleased to be part of this important industry initiative. This platform is in a strong position to become the industry standard.

Commission Manager in the News


07 Oct 2011
Markit launches commission management platform
http://www.bankingtech.com/bankingtech/article.do?articleid=20000213861


04 Oct 2011
Broker-Dealers Fund Markit’s New Commission Management Platform
http://www.securitiestechnologymonitor.com/news/markit-brokers-commission-29174-1.html

Logging SOAP Messages In .NET

C# Web Services provide an easy interface to incoming SOAP data because the SOAP message has already been deserialised at the entry point of a WebMethod.

The downside is that sometimes you’ll need to have access to the full SOAP request: body, headers and everything for tasks such as diagnosing any errors (which message broke the web service) or providing graceful handling of third party web services.

At first you’d think that the Request object can provide this information with methods such as Request.BinaryRead() but unfortunately when you’re using SOAP all you get there is a querystring.

The solution here is to use the SOAP Extensions. Here is some sample code:

public class SoapMessageLogger : SoapExtension
{
//…
public override void ProcessMessage(SoapMessage message)
{
switch(message.Stage)
{
case SoapMessageStage.BeforeDeserialize:
LogResponse(message); break;
case SoapMessageStage.AfterSerialize:
LogResponse(message); break;

// Do nothing on other states
case SoapMessageStage.AfterDeserialize;
case SoapMessageStage.BeforeSerialize;
default: break;
}
}
//…
}

More info on this can be found here and here.