End users who are seeking to understand the various CA solutions available in today's market and how they may meet their own needs were presented with a useful set of benchmarking metrics established by the CA industry user group and chaired by John Wilson of CityIQ.
The benchmark tests passed by the vendors included notification, data cleansing, event management, workflow and reconciliation, instruction generation, position management and tax accounting. A detailed report of the complete benchmark tests and conclusions are to be published in a CityCompass report in August. The vendors benchmarked by the CA user group were ADP Wilco, HelioGraph, Mondas, SmartStream, Tata Consultancy Services, Vermeg and XcitekSolutionsPlus.
Iain Saville, who spoke at the event, comments: "Although we have had two years of various CA solutions being offered to the marketplace, today is the first time I have seen an independent and public assessment of the offerings. This assessment is an important step forward because CAs remain a source of high risk for market users, especially as cross border investments grow. Reducing risk requires good systems and practices, and also the emergence of a coherent international standard. CityCompass's initiative will help to promote improvements in all these areas.."
Joining John Wilson on the panel were Richard Cato of HSBC, Geoff Dix of UBS Warburg, John Waters an independent consultant, Rupa Mazumder from DrKW and Ian Harrison of Barings Asset Management. Presentations from Fidelity Actions Exchange and SWIFT helped round off a power-packed day.
Gary Wright, a City Compass Director comments: "Today's CA benchmarking event has been an excellent opportunity for end users to take part in an open forum where delegates have heard an independent account of what the vendors' products offer against what the panel assessed as the key requirements for users within the securities industry. We would like to thank the vendors for supporting this new initiative and congratulate them all for attaining the status of key players in the development of CA systems."