Expands CSA Footprint to prepare for MiFID II
STAMFORD, Conn., Oct. 23, 2017 /PRNewswire/ — Tourmaline Partners, LLC, a global institutional equity and derivatives trading solutions firm, is pleased to announce the launch of their new commission management website to accommodate a growing client demand for CCA and CSA administration. To find out more about Tourmaline Partners, LLC please contact Aaron Hantman at 203.302.7300 or ah@tourmalinellc.com.
“Impending MiFID II regulation in Europe has created a heightened focus on the business of commission management. Our clients have made clear that as their business with Tourmaline grows, the need to leverage our global agency trading capabilities to fund research budgets is imperative. For this reason, we have established commission management as a core part of how we serve our clients – investing in the necessary talent, resources and technology to expand our footprint in this space,” said Aaron Hantman, Tourmaline’s Chief Executive Officer.
Tourmaline’s commission management offering provides comprehensive web reporting and CSA management capability. “Our clients can now manage all facets of their commission management business online,” said Mr. Hantman.
Tourmaline’s new technology will provide centralized administration, 24-hour access to our custom-built encrypted website, online payment review and approval and comprehensive reporting. Perhaps most importantly, our clients will have access to the Tourmaline team who bring the necessary expertise and experience to help manage both their CSA business and regulatory change in a compliant and efficient manner.
Tim O’Halloran joined Tourmaline Partners in October of 2016 to spearhead Tourmaline’s commission management business. Most recently, Mr. O’Halloran was Co-President of Westminster Research Associates LLC, which he co-founded in 1993. In June of 2017, Tourmaline hired Daniel Gray, a commission management expert, from Rafferty Capital Markets.
“U.S.-based investment managers are aware that although MiFID II is European regulation, it will have a meaningful impact in the United States,” said Mr. O’Halloran. “This will accelerate the trend towards unbundling already taking place in the U.S., driven by a growth in the use of CSAs. We expect to see a demand for greater transparency and granular pricing of sell-side research as well as a rationalization of costs on both the buy and sell-side.”
Mr. O’Halloran adds, “Investment advisors will continue to manage their counterparty lists, engaging core strategic partners who can provide expertise in research, trading and other targeted needs. We are positioning Tourmaline for unbundling and the global impact of MiFID II.”
Tourmaline Partners, LLC is a global institutional equity trading solutions firm with offices in Stamford, CT and London, UK. Tourmaline functions as a 100% conflict free trading partner, with no proprietary trading, research or banking. Tourmaline’s unique structure provides clients with unparalleled access to natural liquidity, global market reach and operational compliance. Tourmaline’s flexible solution serves emerging funds seeking trading expertise and economies of scale, larger industry players seeking anonymity and broader access to liquidity, and multi-manager platforms.
https://www.tourmalinellc.com/
Tourmaline Partners, LLC is registered with the SEC and FINRA. Tourmaline Europe LLP Is a wholly owned subsidiary authorized and regulated by the FCA.
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