Who uses SynFundsSupermarket?

SynFundsSupermarket offers support for:

agencies executing fund orders on behalf of their clients, where they act as an aggregating principal
buy side organisations wishing to manage orders from a branch or client network prior to execution
sell side fund managers wishing to offer web capture facilities to their clients, whether institutional or private client

What does SynFundsSupermarket do?

SynFundsSupermarket can receive orders in electronic format via SWIFT, FIX (and Reuters proprietary ROR variant) or XML. It also offers secure capture via a browser, whether on an intranet or the internet, with comprehensive real-time validation being provided in this case. Orders can be accepted on a ‘number of units’ or ‘total amount’ basis. Orders are then queued until some fund specific deadline time (usually set for some interval prior to the fund manager’s final acceptance time, or fund deadline), and then aggregated.

Aggregation logic can be controlled by rules; for example, some clients may not wish their orders to be aggregated with others. Orders can be cancelled up to the deadline time.

The aggregated, bulk orders for any given deadline are then routed to their respective execution venues (typically a fund manager), by SWIFT, FIX, e-mail or fax. Where clients are using the web input facility, a status display indicates that the order has been sent for execution.

When executions are received back from the fund manager, SynFundsSupermarket matches them with the client orders by allocating against the block, and then generating the notification to the client, showing the execution price. This is done either electronically, or in the case of web users, by update of the order status.

A commission defined by rules can be added to the client consideration. Alternatively, where the fund manager has offered some retrocession to the execution agency, this may then be shared with the end client on a basis which is again defined by rules.

More specialist and comprehensive facilities for content and rules-dependent routing of inbound FIX messages to a destination are also provided. FIX level conversion and FIX ‘dialect’ translations are performed where appropriate.

Coexis offers a number of direct FIX engine interfaces for this application, including to Javelin Technologies Appia, and to Bloomberg.

Reference data

SynFundsSupermarket provides facilities for holding all relevant reference data relating to funds, managers, clients (including standing instructions and commission rules) and markets. Links can be created with research databases so that a client can investigate possible investments and then execute an order directly.

Value added client services

SynFundsSupermarket offers a user of the system the opportunity to enhance the services offered to clients in a variety of ways. For example, where the client does not have internal systems providing order consolidation, these facilities can be added to the standard order capture processing. This might be the case where a head office is manually consolidating orders from branches. In addition, a service can also be offered to clients which enables them, in turn, to offer value added functions to their clients, such as white labelled web order capture functions.