ConvergEx’s Eze OMS Partners with PAC-Invest to Help Clients Meet ASIC Short Position Reporting Regulations

Sydney, Australia - 15 July 2010

New Solution Offers End-To-End Management of Short Order Processing

ConvergEx Group, a leading technology company, today announced that its award-winning order management system (OMS), the Eze OMS™, has partnered with PAC-Invest to streamline the process for short order reporting to help clients comply with ASIC’s new short position reporting requirements. The Eze OMS now seamlessly integrates with PAC-Invest’s ASIC-Connect, a newly launched product that uploads and formats clients’ short positions and routes them directly to ASIC. The Eze OMS/PAC-Invest integration delivers a fully automated solution for managing end-to-end short order processing by coupling the Eze OMS’s electronic short locate and real-time compliance tools with PAC-Invest’s automated reporting.

ASIC-Connect allows firms to submit short position information to ASIC on a daily basis, a key requirement of new ASIC regulation. When a user enters a short order in the Eze OMS, an automated request is sent to stock loan counterparties to receive availability and rate information. Once the short has been located and rates confirmed, the Eze Compliance engine automatically checks total short positions. If a firm’s total short positions breach the reporting threshold of ASIC requirements, then short position data is sent to ASIC-Connect where it is translated into the required FIX format and submitted as a full report to ASIC.

“With Eze’s recent growth in the Australian market and its ability to help funds automate manual short locate workflows, it was clear that the Eze OMS and ASIC-Connect were a perfect fit,” commented Zeeshan Ahmad, managing director at PAC-Invest. “This unique integration provides clients with true straight through processing for managing short orders, giving them the tools they need to maintain a competitive edge while staying on top of regulatory requirements.”

“In conjunction with the Eze OMS’s robust front-end stock loan and compliance functionality, this integration facilitates a fully automated solution,” said Chris O’Connor, head of Australian Sales at ConvergEx’s Eze Castle Software. “Together, Eze and PAC-Invest offer clients everything they need to streamline their short order processing, from locating securities to short, managing inventory and rebate rates, and reporting to ASIC.”

The award-winning Eze OMS leverages a real-time open architecture to streamline the investment cycle for all asset classes – from idea generation through settlement. The Eze OMS provides functionality to support portfolio management, compliance, trade management and operations in a single platform.

ConvergEx is a leading technology company providing products and services to asset managers and financial intermediaries globally. Its products and services span the investment life cycle and center on the development, marketing and servicing of technology-based solutions that enable clients to achieve improved investment results through operational and workflow efficiencies, execution and analytical tools and highly personalized service. The firm serves more than 6,000 institutional clients in 100 global markets. Formed in 2006, the firm has over 1,000 employees in 22 locations throughout the U.S., Europe, Asia, Australia and Africa.

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