New Solution for Short Position Reporting
15 July 2010 Sydney
Image: Shutterstock
ConvergEx Group, today announced that its award-winning order management system (OMS), the Eze OMS, has partnered with PAC-Invest to streamline the process for short order reporting to help clients comply with ASIC's new short position reporting requirements. The Eze OMS now seamlessly integrates with PAC-Invest's ASIC-Connect, a newly launched product that uploads and formats clients' short positions and routes them directly to ASIC. The Eze OMS/PAC-Invest integration delivers a fully automated solution for managing end-to-end short order processing by coupling the Eze OMS's electronic short locate and real-time compliance tools with PAC-Invest's automated reporting.
ASIC-Connect allows firms to submit short position information to ASIC on a daily basis, a key requirement of new ASIC regulation. When a user enters a short order in the Eze OMS, an automated request is sent to stock loan counterparties to receive availability and rate information. Once the short has been located and rates confirmed, the Eze Compliance engine automatically checks total short positions. If a firm's total short positions breach the reporting threshold of ASIC requirements, then short position data is sent to ASIC-Connect where it is translated into the required FIX format and submitted as a full report to ASIC.
"With Eze's recent growth in the Australian market and its ability to help funds automate manual short locate workflows, it was clear that the Eze OMS and ASIC-Connect were a perfect fit," commented Zeeshan Ahmad, managing director at PAC-Invest. "This unique integration provides clients with true straight through processing for managing short orders, giving them the tools they need to maintain a competitive edge while staying on top of regulatory requirements."
"In conjunction with the Eze OMS's robust front-end stock loan and compliance functionality, this integration facilitates a fully automated solution," said Chris O'Connor, head of Australian Sales at ConvergEx's Eze Castle Software. "Together, Eze and PAC-Invest offer clients everything they need to streamline their short order processing, from locating securities to short, managing inventory and rebate rates, and reporting to ASIC."
ASIC-Connect allows firms to submit short position information to ASIC on a daily basis, a key requirement of new ASIC regulation. When a user enters a short order in the Eze OMS, an automated request is sent to stock loan counterparties to receive availability and rate information. Once the short has been located and rates confirmed, the Eze Compliance engine automatically checks total short positions. If a firm's total short positions breach the reporting threshold of ASIC requirements, then short position data is sent to ASIC-Connect where it is translated into the required FIX format and submitted as a full report to ASIC.
"With Eze's recent growth in the Australian market and its ability to help funds automate manual short locate workflows, it was clear that the Eze OMS and ASIC-Connect were a perfect fit," commented Zeeshan Ahmad, managing director at PAC-Invest. "This unique integration provides clients with true straight through processing for managing short orders, giving them the tools they need to maintain a competitive edge while staying on top of regulatory requirements."
"In conjunction with the Eze OMS's robust front-end stock loan and compliance functionality, this integration facilitates a fully automated solution," said Chris O'Connor, head of Australian Sales at ConvergEx's Eze Castle Software. "Together, Eze and PAC-Invest offer clients everything they need to streamline their short order processing, from locating securities to short, managing inventory and rebate rates, and reporting to ASIC."
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