In other financial technology news, Doherty & Associates turns to SS&C while ISDA and China Futures Association decide to work together.
BNP Paribas Securities to Use SimCorp’s Dimension Platform
BNP Paribas Securities Services reports that it has implemented the SimCorp Dimension system to streamline accounting processes for its clients.
The firm has implemented the SimCorp Dimension platform to manage its integrated accounting offering “as well as other services in its comprehensive product suite,” according to SimCorp officials. The Dimension platform was selected after an evaluation process to validate the solution’s performance and functional relevance to BNP Paribas Securities Services’ key objectives.
“Our focus on building flexible solutions for our clients led us to selecting SimCorp Dimension,” said Philippe Ricard, global head of asset and fund services at BNP Paribas Securities Services, in a prepared statement.
Doherty & Associates Turns to SS&C for Performance Reporting
Doherty & Associates, a private investment management firm based in Ottawa, Canada, will be using a hosted solution of software and systems provider SS&C Technologies to support its Client Relationship Model — Phase 2 (CRM2) requirements.
The CRM2 reforms via the Canadian Securities Administrators (CSA) are intended to “improve the transparency of investment results to retail investors,” officials say.
“The next phase of CRM2, which comes into effect in July 2016, requires significant changes in the areas of performance reporting,” according to SS&C officials. The most challenging part of the CRM2 process for Doherty & Associates is the development and testing of the new performance reports, officials add.
“As part of this — we have had to incorporate a new method of calculating returns — the dollar-weighted method,” says Chris Stuart, vice president, operations, Doherty & Associates, in a prepared statement. “Doherty & Associates has a long-standing relationship with SS&C as its core technology provider.”
The CRM2 initiative requires a dollar-weighted return. “This is designed to provide clients more accurate returns than the traditional time-weighted calculation method,” say SS&C officials. “The increased complexity of calculating dollar-weighted returns requires more computing power, requiring a solid performance engine to help to calculate those returns.”
ISDA and China Futures Association to Work Together
In Shenzhen, China, the International Swaps and Derivatives Association (ISDA) has signed a memorandum of understanding (MoU) with the China Futures Association (CFA) to ease cooperation in China, officials say.
The MoU, co-signed by Scott O’Malia, CEO of ISDA, and Zhichao Liu, chairman of the CFA, will set the framework for a closer working relationship between ISDA and the CFA, officials say.
The 15-year-old CFA is a self-regulatory organization for the futures industry in China. As of Nov. 17, 2015, the CFA had 343 members, including futures companies, futures exchanges, the China Futures Margin Monitoring Center, securities companies, asset management firms, private equity funds, risk management firms, banks and other affiliated local associations.
The MoU covers the sharing and exchange of information, regular communication to promote understanding and cooperation, the exchange of staff and training, and the co-hosting of educational industry conferences.
“The MoU will be in force for an initial term of five years, and will take effect on December 4, 2015. … Specifically, the agreement facilitates the exchange of information and strengthens cooperation between ISDA and the CFA in order to advance the derivatives markets and industries the Associations represent,” according to ISDA officials.
The agreement “marks an important step for ISDA in building a strong partnership with the CFA and in facilitating the mutual sharing of global best practices and expertise in the derivatives industry,” O’Malia says in a prepared statement.
“With the joint efforts of both parties, we truly believe this collaboration will promote the development of the derivatives industry. We look forward to working with ISDA in the years ahead,” Liu said in a statement.
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