BoNY Puts Out New Commission Mgt. System

June 8, 2007 ( - BNY ConvergEx Group, LLC. has launched its Commission Management Utility (CMU), a scalable system designed to support the organization's commission management business.

According to a BoNY news release, CMU is an open-architected database solution designed to house and manage clients’ commission data. The flexibility of its design allows for the support of multi-currency, multi-broker and/or multiclient accounts.

Further, the news release said as the primary data management system for InterCom, CMU’s increased efficiency enhances commission reporting transparency and assists clients in managing increasing regulatory obligations.

InterComm is BNY ConvergEx Group’s interactive commission management portal that allows clients to manage their commission spending more efficiently. InterComm provides clients with a day-to-day, year-to-date breakdown of trading commissions generated for the purchase of all eligible research and brokerage services.

It also further automates a wide range of tasks revolving around the invoice processing, payment, and research management functions. InterComm also allows clients to access their current monthly commission statements as well as an archive of previous statements and client reports.

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