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.
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.
Oasys commission rate = 0.01500096
Brokers expected commission rate = 0.015
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)