BNY Convergex Group last week introduced its Commission Management Utility, a product for which the company is seeking a patent. The open-architecture system allows for recording various currencies, brokers and client accounts, and is meant to complement BNY’s InterComm data management system. The launch comes at a time when Securities and Exchange Commission Chief Christopher Cox has suggested eliminating the safe harbors that allow soft dollars, and vowed to keep spending in check. “In a marketplace characterized by constant change and volatility, the need for dynamic, cutting-edge technologies that provide flexibility has never been greater,” said John D. Meserve, director of BNY ConverEx Group.
InterComm allows day-to-day and year-to-date reporting on commissions, and splits soft dollars from execution costs, showing the amount available for research. It can also generate invoices, process payments and track research.