For Executing, Correspondent and Custodian Brokers
Centralize and automate your process for quarterly broker statements
Seamlessly address the current manually-intensive verification and financial reporting of Open Trade Fails.
Both DTCC and non-DTCC participants can electronically verify and confirm all open fails, borrows, loans, and repos.
Electronically send, receive, and store (SEC 17A-4) QBS letters.
Immediately search and retrieve accepted, unknown or declined transactions.
Provides a universal portal option for responding parties to reply electronically.
Reduces costs and increases operational efficiency and helps you go green.
Compliance and Regulatory Requirements
SEC Rule 17a-13 requires quarterly security counts to be made by certain exchange members, brokers and dealers. This process is handled through the distribution of Quarterly Broker Statement requests to Contra firms.
This process is very paper-intensive where thousands of transactions are sent, reviewed, updated, and reviewed yet again. The process of generating these statements, tracking, validating the custodian response, and updating the database tables requires attention to detail that can often be overlooked due to heavy volume. Additionally, the follow-up process and identifying industry contacts compounds the problem of collection of these letters.
Quarterly Broker Statement™ effortlessly and securely addresses this process.