Stockholm, 23 October 2014 – Neonet Securities, the independent agency broker and execution specialist, today announced that it has partnered with Commcise, the independent buy-side investment technology vendor, to broaden its service offering within commission management.
Recent initiatives from regulators have called for increased transparency between fees paid for research and the commission paid for execution, known as commission unbundling. The need to have well-defined processes to ensure regulatory compliance has increased accordingly.
“This new partnership allows Neonet to provide buy-side clients an attractive alternative to the traditional investment bank bundled service. We deliver total transparency and allow freedom of choice between different research providers,” said Tim Wildenberg, Chief Executive Officer of Neonet. “The rich functionality of the Commcise system will be a perfect complement to our existing agency-based execution services.”
Working together with Neonet and other sell-side clients, Commcise has developed the CommciseSELL managed solution that will act as a technical hub for Neonet. Supporting automated trade reconciliation, real-time commission reporting by CSA pool, end-to-end invoice management workflows and payment to clients’ research providers. CommciseSELL provides an easy and user-friendly web interface where buy-side customers can manage their clients’ commission balances with complete transparency.
“We are delighted to have Neonet as a partner in developing our new sell-side commission management platform, CommciseSELL. Neonet were looking for a powerful, regulatory compliant, buy-side focused solution to make available to its CSA clients.” said Amrish Ganatra, Partner of Commcise. “CommciseSELL benefits from much of the innovation that we’ve developed for our CommciseBUY platform which we launched in November 2013. We will continue to closely monitor any further regulatory developments, to ensure that we always deliver the most compliant product available to both our buy-side and sell-side customers.”
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About Neonet Securities
Neonet is an execution service provider that offers independent, flexible and transparent execution services, which significantly reduce the cost of trading for users. All trades are executed on regulated markets and Neonet does not engage in proprietary trading or any other financial activity that could result in any potential conflicts of interest. Neonet serves clients in over 20 countries.
The company was earlier listed but is currently privately owned by a consortium of owners including Hay Tor Capital LLP, KAS Bank N.V., Nordic Capital / Cidron Delphi Intressenter AB and Neonet management.
About Commcise LLP
Commcise LLP was founded by buy-side industry professionals – people who understand the issues and needs of the buy-side. Commcise focused on the buy-side needs because it is the buy-side clients’ commission monies that are being spent via a bundled commission rate. Commcise launched their buy-side platform, CommciseBUY and now have over 20 customers of the service. CommciseBUY provides: a Rules Engine (to allow dynamic unbundling of commissions); automated reconciliation engine, invoice management; commission budgeting; broker vote, virtual accounting and reporting solution for Buy-side customers. CommciseSELL now allows sell-side firms to extend much of this functionality to their buy-side customers.