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Financial research firm Markit announced that it will develop a new exhaustive service for facilitating electronic trade confirmation and execution administration for the foreign exchange options market.
The service will be launched by MarkitSERV, which is Markit’s trade processing service used in OTC derivatives market. Markit is working jointly with leading banks such as Citi, Barclays, UBS, JP Morgan, HSBC, RBS and Nomura and buyside firms such as Citadel’s Global Fixed Income Fund to create the new service.
The new service is expected to better front and back office functions such as centralized production of legal trade confirmations, real-time communication of execution actions through an audited platform, straight-through-processing (STP) of exercise actions and management of other lifecycle events based on a confirmed matched trade population.
In a separate report, financial planning software MoneyGuidePro has entered into a deal with Morningstar Office, a financial advisors’ portfolio and practice management system, to integrate with new enhancements. The new improvements include flawless movement of Morningstar Office position and account data into MoneyGuidePro’s financial planning solution.
“MoneyGuidePro and Morningstar have a relationship that offers mutual customers an integrated investment research, portfolio management, and financial planning experience. We are excited to deepen that relationship with enhanced capabilities for independent advisors using Morningstar Office,” Tricia Rothschild, the global head of advisor solutions at Morningstar said in a press release. “Our new web service can automatically send MoneyGuidePro users up-to-date client data, and it supports our goal of streamlining advisor workflows by creating connections between Morningstar products and leading third-party applications.”
The users will install the integration at once, after which MoneyGuidePro will then automatically scour Morningstar for fresh information, whilst at the same time updating customer profiles depending on current portfolio information at Morningstar Office. This will help independent financial advisors to save time, minimize errors and hence serve their clients well.
