FISCAL

Reliable, dependable and constant backoffice

Fiscal is an established multi-currency, multi-firm settlement system that supports both agency and principal trading. It is capable of processing high volumes over a sustained period. Fiscal meets the needs of diverse stockbroking operations, including execution only, advisory, discretionary, institutional and personal wealth fund managing firms. The system is particularly suited to large operations where speed, scalability, functionality and effective order management are critical.

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Order & Trade Management
Fiscal has a complete Order Management System (OMS) for RSP trading, including single, bulk or raise & invest. Extensive trade input facilities are provided, including automatic transfer from the OMS, for a variety of instruments including equities, gilts, new issues, unit trusts, bonds, options, warrants, and currencies. Single or multiple trades can be entered along with invest/raise and ‘allocation later’ transactions. Contract notes and confirmations can be produced in the firm’s house style. An Omgeo – OASYSSM interface provides electronic trade confirmation at both single and block allocation level. As a multi-currency system, client and market settlement can be defined in different currencies. The system then calculates all charges in sterling or other currencies, and automatically applies them to the trade. Trades are posted to the client and market accounts intraday.

Settlement
Settlement accounting within Fiscal is open item and multi-currency, encompassing market and client settlement (institutional and retail/private client), commission and general ledger accounting. The functionality provides quick and easy settlement enquiries at both individual ledger/account level and at a global database level, so it is possible to access the data from a variety of different standpoints. In addition to dealing and income accounts, interest bearing deposit accounts (maintained by the system) can be set up for individual accounts or groups of customers. Statements and interest payments are produced automatically on predetermined system diary dates.

Portfolio Management
The Portfolio Management module automatically receives trades from the central Tradetracker database in Fiscal. It can also take data from other third party systems. Fiscal provides a wide range of valuation reports, either on-demand or at pre-defined intervals.

Cash Management
Fiscal provides automatic generation of payment instructions – either for transactions on value date, or where an instruction has been received. The system automatically generates cheque payments or payment instructions to the BACS/CHAPS interface, and can also sweep funds into and from a client’s deposit account for trade settlement intraday. Cash and journal entry and posting routines are provided, along with full audit facilities.

Nominee Accounting
Fiscal’s Nominee module allows control and maintenance of holdings held on behalf of clients at CREST/Euroclear and other UK and overseas custodians. Comprehensive enquiry, reconciliation and reporting facilities are available at client, security and depot levels.

ISA Administration
Fiscal’s ISA module manages cash and share ISAs. In addition to full portfolio management facilities, it enables block trading, dividend processing with tax reclamation, subscription recording, automatic withdrawal of income and Inland Revenue processing. Bi-annual client reporting and consolidated valuations are also provided.

Operational Efficiency
Fiscal is suited to companies where speed, scalability, functionality are mission critical. It offers a complete order management solution for the creation of single or bulk orders, execution via a dealing desk or RSP, along with functionality such as raise/invest. Fiscal has fully automated links between its Order Management System (OMS) and CREST along with reporting at both business and corporate levels.

Flexibility
Fiscal is a flexible system that can be operated as a series of business units, with each unit allocated to a different business area. Fiscal also provides full system security so password protected menus can be tailored for each staff member.

Keeping Compliant
Fiscal is compliant with current FCA regulations, and performs daily counterparty risk, large exposure and client money calculations. Fiscal enables firms to fulfill MiFID regulations and has received independent accreditation for MiFID compliance from B.I.S.S.® Research.

FISCAL HELPS MAJOR UK WEALTH MANAGER REALIZE BACK OFFICE IMPROVEMENTS

With £30 billion in assets under management, one of the largest stockbroking and wealth management firms in the UK uses Fiscal as the core of its back office operations. The independently owned wealth manager delivers a full breadth of services to more than 100,000 private clients, trusts and charities via an extensive branch network. Fiscal integrates with the firm’s front office system to automate order management and client settlement accounting. The software’s scalable order management system allows the firm to process high trade volumes, perform multicurrency market and client settlement, and easily comply with MiFID regulations. The resulting increase in operational speed and efficiency has helped the firm better serve its clients.

VENERABLE UK FIRM SERVES NEXT GENERATION WITH FISCAL

A leading UK wealth manager with more than £25 billion in assets under management prides itself on the superior service it has delivered to its clients for nearly 200 years. With Objectway’s Fiscal back office platform, the firm continues this legacy for a new generation of investors. Fiscal’s order management system offers extensive trade input facilities including automatic transfer for a variety of instruments—including equities, gilts, new issues, unit trusts, bonds, options, warrants and currencies. Since deploying Fiscal for order management and trade settlement, the firm has expanded the range of services it offers to its private clients, charities and trusts, cementing its status as a trusted household name across the UK.

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