Linedata And Electra Integrate Reconciliation And Fund Accounting Platforms

June 6, 2017

Electra Information Systems and Linedata have announced the integration of Electra Reconciliation and Linedata Mfact, Linedata’s global fund accounting solution.

Read on here.

Fashion Compliance – Matching Mixed Prints, Zero Tolerance Persists

May 16, 2017

**FFC Special Report** …(FFC, aka Finance Fashion Control)

An Electra Reconciliation client called the help desk this week asking if it was OK to wear stripes with plaid.

We were quick to inform him that although the “fashion rules” are beginning to allow mixing prints this season (think: floral with a vintage paisley, for example), really bold prints like stripes, plaid, polka dots, checks and houndstooth etc., cannot be reconciled. Note: Not applicable to vacation days, Casual Fridays, nor to residents of Florida, Hawaii or Alaska.

(Steve Weinberg, aka in-house, sartorial savant at-large)

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Electra Data+ — Facilitating Complex Client Cost Reconciliations

May 8, 2017

Electra Data+ facilitates our clients’ cost reconciliations in a number of different ways. One of the bigger challenges occurs when the client favors a Position Report and the required cost basis data element is not included.

A recent example involves a client of both our Electra Data+ and Electra Reconciliation (eSTaARS) services. While they preferred the trade date based FTP Report that Electra receives for quantity/MV matching, this client requires cost basis as a data element whenever possible. The hitch being that this data is only available on a settlement dated .csv file received from the UBS PaineWebber website.

By using the eSTaARS combine feature and tweaking the mapping document of each file from our standard mapping, we were able to extract the cost basis data from the settlement file and combine it with the trade date based quantity/MV report and successfully matched it against their manager records. (Chris Koumou – Project Manager, Data Services)

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Electra Data+ — Real-time Cash Balance and Trade Files

April 20, 2017

It’s becoming an increasingly popular request from clients to start receiving Real-time Cash balance and trade files throughout the day.  Besides the ability to reconcile any previous days’ holdings, cash and transactions, there has been a push to stay on top of the current trading activity and cash movement throughout the day.  Not every custodian and brokerage house provides real-time file availability, though we’ve found the larger institutions do and more are following. (Andy Gnibus, Manager of Data Services)

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Electra Billing — Simple yet Powerful Tools

March 13, 2017

An Institutional manager using Electra Billing called our support team this week to inquire how to setup a new client with an unusual fee arrangement. Their new client is requesting to be billed quarterly but wants the fees calculated monthly for each of their accounts.  We showed the client how to use the billing cycle settings combined with the invoice cycle settings to meet the needs of their new client. This capability makes it easy for clients to handle differences in frequency of fee calculation and frequency of invoicing. They were relieved to learn about this simple, yet powerful option. (Doug Fritz – Product Manager)

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Electra Settlements — Magic of Customizable Field Logic

February 24, 2017

A new Canadian and U.S. Investment Manager, 42 billion AUM, trading global equity and fixed income instruments wanted to supply their own commission rate calculation into Electra Settlements for further downstream processing to the Oasys.

Problem:

The commission rate calculated for Oasys at the block and allocation levels didn’t match the OMS commission rate calculated internally by our client and the broker.  The broker reported the difference between the 8 decimal places on Oasys, verses the 3 decimal places on their books.  One of the new client’s reasons for purchasing Electra Settlements was to resolve this longstanding issue.

Example:

Oasys commission rate = 0.01500096

Brokers expected commission rate = 0.015

Resolution:

Customizable field logic allows clients to provide their own calculated commission rate (post-rounded 4 decimals) used for downstream Oasys matching. Instead of utilizing the standard commission rate calculation logic (pre-rounded 9 decimals), this allows the brokers to auto-match on Oasys at the block level without any manual intervention.
(Brian Prioleau, Manager of Settlement Solutions)

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Electra Reconciliation — ISO Recon Data

January 10, 2017

In many cases, ISO reconciliation messages (MT940/950, 535, 536) are very limited in the information they provide. Consider the transaction type “NMSC” (miscellaneous) found in a MT940/950. This particular transaction type could mean any number of things and with the optional transaction description often blank, operations staff must research the transaction on the bank’s website to decipher its meaning.

Many Electra clients have abandoned ISO reconciliation messages in favor of our more robust data feeds. One such client conducted an exhaustive cost-benefit analysis that detailed how much time their portfolio accountants spent researching ambiguous ISO reconciliation data. That firm concluded that the additional cost to have Electra manage their data collection activities was far cheaper and came with substantially less risk than having portfolio accountants spending time on bank websites filling in the missing gaps. For them, the ROI was immediate once they understood the hidden costs of using ISO reconciliation data.
(Todd Sloan, Senior VP)

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Electra Settlements — Communicating the match status of an allocation back to an OMS

December 2, 2016

A Boston-based investment advisor (10 million AUM) focused on fixed income trading wanted to report the final trade status back to their OMS once they’ve matched locally with their brokers using the Electra Settlements matching module.  They placed a call to our helpdesk asking for help.

Our helpdesk assisted the client in selecting the appropriate options in Electra Settlements to automatically generate a trade status/update file in any OMS proprietary format on an intra-day or EOD basis.

Sample data elements used for a trade status message sent back to the OMS:

  1. Trade Reference
  2. Trade Date
  3. Settlement Date
  4. Settlement Amount
  5. Match Status

Problem solved!

(Tish Wang, Product Analyst — Electra Settlements)

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Taking a bow for the Triple Crown!

November 17, 2016

Electra Information Systems Wins Best Reconciliation Platform/Service in the Buy-side Technology Awards 2016

Electra is closing 2016 with another win! Adjudicated by industry experts, the much lauded Buy-side Technology Awards are no cakewalk to victory. Winning this year’s Best Buy-side Reconciliation Platform/Service Award is as much an honor as it is a rededication for Electra to stay at the forefront and continue in our mission to bring a transformative reconciliation solution to today’s marketplace via state-of-the-art features, creative partnerships and above all, client feedback.

With this third and final win in hand, Electra Reconciliation has swept the industry’s Triple Crown series in 2016. Now, our sights are set on getting ahead of new challenges in 2017. Stay tuned!

(AmyClare Gutowsky, Senior Marketing Analyst)

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Electra Data+ — Security IDs for US vs Foreign Securities

October 21, 2016

A client that trades both US and foreign securities was having difficulties with their matching of security IDs.  Most of their global custodians were providing a separate field for each type of security ID, but their primary security ids usually defaulted to either a CUSIP or an internal security ID.  In response, we set up rules for client’s files to default the primary security ID to CUSIP for US securities and SEDOL or ISIN for foreign securities, allowing client to have a higher original match rate when reconciling the bank holdings vs. the their own client holdings.

(Andy Gnibus, Manager of Data Services)

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