Markit has launched Markit Commission Manager, a service designed to help buy-side firms manage and allocate commission credits efficiently while addressing the concerns associated with maintaining such credits with a single institution.
Markit Commission Manager is the latest addition to our Markit Research Manager range of services, Sofia Rossato, head of Markit Research Manager at Markit, says. Our objective is to enable investment firms to manage their entire research workflowincluding sourcing research, tracking corporate access, voting on brokers and managing research commissionsfrom 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 Bank of America 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.
UBS will also be a sell-side client of the platform. Markit Commission Manager will be available to the buy-side and sell-side, and will enable the buy-side to maintain credits with their broker-dealers and use these credits to pay for third-party services.
This platform is good news for buy-side and sell-side alike, Frank Volino, head of global commission management services at Citi, says. It will allow the buy-side to use a standardized set of tools to manage their commission credits at multiple broker-dealers. We are very pleased to be part of this important industry initiative. Markits leading technology, coupled with their independence, places this platform in a strong position to become the industry standard.
(CM)