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ION Releases Compliance SaaS to Target Tier 2 / 3 Buy Sides

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ION Markets is targeting Tier 2 and Tier 3 asset management firms with its new Compliance SaaS solution, which helps firms comply with regulations globally as well as internal policies governing their investment activities on behalf of clients. The new platform uses Web technologies to offer SaaS and HTML 5 delivery of the former Sentinel system operated by LatentZero, which was acquired by OMS specialist Fidessa, itself now part of ION Markets.

The new Compliance SaaS offering is an evolution from the hosted Compliance solution, itself based on Sentinel but without the use of Web technologies. Underpinned by a set of open APIs, the new version enables real-time oversight of pre-and post-trading, and offers full coverage of asset types and geographies. Most importantly, it delivers an automated compliance checking process, and allows clients to migrate complex rules APIs over to the new platform within minutes.

According to Steven Strange, Head of Product (Asset Management) at ION Markets, the platform ensures asset managers remain compliant with their mandates and investment policy restrictions. These may include limits on exposures to certain industry segments, like tobacco, or the emerging range of ESG (Environment, Social, Governance) investing rules. It also addresses external regulations like UCITS, AIFMD and mutual fund regulations in the US and Canada.

Strange says many existing Sentinel clients have already migrated over to the new platform’s SaaS or Web interface. ION’s initial target for the new SaaS-delivered product is Tier 2 and Tier 3 investment managers, with plans to expand sales globally later.

“The new service offers Tier 1-level capabilities for Tier 2 and Tier 3 firms,” he says. With increased regulatory change and pressure, and the use of complex asset types as firms enter new markets, compliance monitoring and investment transparency have become more critical. Compliance SaaS’s web-based user interface enables customers to manage exceptions through a standard workflow, and define and maintain investment rules. All dashboard, reporting, and management information can be shared easily across the business and is demonstrable for clients and prospects.

At the same time, asset managers face the challenge of balancing regulatory compliance with rising IT costs and the demand for real-time pre-trade oversight – principally not having to sacrifice growth for investment in compliance. Being cloud-based, Compliance SaaS involves zero infrastructure headaches and specialist resources are not needed, enabling firms to demonstrate compliance best practice to their clients and prospects.

Strange says the platform ensures asset managers remain compliant with their mandates and investment policy restrictions. These may include limits on exposures to certain industry segments, like tobacco, or the emerging range of ESG (Environment, Social, Governance) investing rules. It also addresses external regulations like UCITS, AIFMD and mutual fund regulations in the US and Canada.

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