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Bloomberg and Castine Link Systems for End-to-End MiFID II Research and P&L Solution

October 18, 2017


Bloomberg and Castine LLC today announced that their respective research management technology and research payment solutions can be integrated to provide an end-to-end solution for EU and global asset managers who will be operating under MiFID II guidelines starting January 2018.

The combined solutions allow asset managers to use P&L or client commissions to pay for research, whatever payment methodology the firm decides to use. While several large buy-side firms have elected to use their own funds to pay for research, many buy-side firms will be opting to pay for research using a Research Payment Account (RPA), which is charged to the client.

Bloomberg and Castine’s integrated RPA offerings will enable mutual customers to easily manage research subscriptions, track consumption, perform due diligence and compliance reviews, evaluate research quality, create MiFID-compliant budgets, attribute value (broker vote), manage invoices, generate user-driven trade reports, and process payments through their RPAs or otherwise.

“Castine has operated in the commission management space for 20 years and has provided industry-leading solutions as the regulations have evolved from soft dollars to CSAs and now to RPAs. Our cloud-based offering perfectly complements Bloomberg’s suite to answer client’s need for simplicity and completeness,” said Robin Hodgkins, President of Castine LLC. “Clients can build on the strengths of Bloomberg’s services with a solution for all of their MiFID II research procurement, compliance, budgeting, and payment processes.”

Robert Friend, Global Head of Sell-Side Solutions and Research at Bloomberg, said: “We are delighted to be working with Castine to help firms comply with MiFID II’s research rules easily and efficiently. The combined offerings allow Bloomberg to provide clients with a holistic suite of seamlessly integrated MiFID II solutions, including the ability to manage research payments through the seamless integration with Castine. ”

Castine, formerly known as Cogent Consulting, is an industry leader in buy-side systems for RPAs, CSAs, and compliance systems. Castine’s due diligence repository is used by over 600 firms worldwide. Castine also operates on the sell-side with cloud-based products for commission management, performance analysis, research pricing, compensation, and compliance.

Bloomberg’s Research Management Solutions provide the tools asset managers need to take control of broker research and internal research workflows. The solutions allow firms to manage research and control access, keep records of notes and interactions, evaluate and rate the research they consume as well as setting research budgets. For more information:

About Castine LLC
Castine has operated in the financial technology sector since 1982. Since its founding, Castine has provided financial solutions to over 2,000 firms worldwide and became the #1 provider of commission management solutions. Before soft dollars, CSAs, and RPAs, Castine was the #1 provider of oil and gas accounting systems for the international exploration marketplace. The O&G system was divested in 2007 and is now part of a public company. In 2009 the firm sold its legacy commission management suite to The Bank of New York’s ConvergEx group. It has since focused on its latest suite of buy-side and sell-side products, including RPA Centre and P&L Centre. For more information, click here or request a demo.

About Bloomberg
Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company’s strength – delivering data, news and analytics through innovative technology, quickly and accurately – is at the core of the Bloomberg Terminal. Bloomberg’s enterprise solutions build on the company’s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit or request a demo.

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