Global financial information services company Markit has launched its commission management service in Europe.
Markit Commission Manager, which was launched in the US in October 2011, helps buy-side firms manage and allocate commission credits across multiple sell-side institutions. Credits can be used to pay for research, execution and other permissible third party services.
Over 40 buy-side institutions have joined the platform. BofA Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, J.P. Morgan and Morgan Stanley partnered with Markit on the development of the platform and are participating in Markit Commission Manager in Europe. Five other sell-side institutions, including Liquidnet, Sanford C. Bernstein and UBS, are also sell-side customers of the platform.
John LaVecchia, managing director at Markit, said: “The success of our commission management platform is in large part due to the fact we partnered closely with a range of global market participants to ensure the service meets the global needs of the industry. We are delighted to introduce Markit Commission Manager in Europe and to help European buy-side institutions with their commission allocation, trade reconciliation and overall commission management.”