Point Nine has begun delivering outsourced middle office services to its clients. The client keys the trade into FinanceBelt and sends a Bloomberg recap to Point Nine. Point Nine then reconciles with the appropriate parties both the economic and legal data. A confirmation report is then sent to the prime broker. The prime broker and Point Nine send the trade to the DTCC where it is first affirmed and subsequently confirmed. Finally, a trade report is sent to the fund administrator. In addition, all the cash movements, including fee payments, dividends, coupons are reconciled before payment date and tracked until they are exchanged at which point receipt or payment is confirmed.
âUsing FinanceBeltâs unique electronic ISDA documentation facility we are able to spot areas of risk which the client can missâ. Comments Len Fricker, Business Development Director. âIn one case for example an obscure legal anomaly left a client with a significant exposure they hadnât expected and this was immediately reported back to them. This is the purpose of the service â it would cost a fortune to maintain a team of middle office staff who would have little to do most of the time. With FinanceBelt the client puts in the trade and we do the restâ.