Buy-Side Technology Awards 2017: Best Portfolio Accounting Platform—SimCorp
SimCorp has improved the way it handles P&L by enhancing the support of cost-basis adjustment.
Dimension, SimCorp’s flagship offering, embodies the firm’s acclaimed portfolio accounting solution, which provides users with access to a number of critical features. For example, the core design offers simultaneous support for multiple Tax, GAAP and Statutory standards, which, provides users with a set of positions and accounting figures for each of the aforementioned standards based on the same set of physical trades.
It is also an integrated front-to-back-office tool, allowing buy-side firms to enter a potential trade in the front office and immediately simulate the effect it will have on the firm’s balance sheet if executed. And, as a multi-currency system, it supports all asset classes and allows users to apply up to ten different accounting standards and tax schemes to the same portfolio without any data duplication.
According to Paul Ravenscroft, product portfolio manager at SimCorp, this core support for multi-currency, multi-accounting regimes, is one of the most popular features, upon which SimCorp have more recently expanded by building the platform’s group currency accounting function, whereby transaction-by-transaction accounting in the parent company’s currency for subsidiary investments eliminates the traditional and cumbersome FX residual. Ravenscroft says that over the last twelve months, the solution has also undergone a variety of updates, such as the enhancement of handling defaulted securities. “We have increased the operational support for that process,” he says. “There is a more standardized operational flow, regarding write-offs, recovery, and restructuring.”
The firm has also improved the way it handles P&L by enhancing the support of cost-basis adjustment. “We can track certain balances of premium discount, cost and taxes, and separate out the amortization,” Ravenscroft explains.
Regulations, in general, are one of the driving forces behind SimCorp’s changes to Dimension. Ravenscroft says that lately, they have seen significant tax reform affecting funds in Germany and having expanded its client base into Italy, the firm plans to implement support for a number of Italian Tax and GAAP regulations.
Finally, for its US users, SimCorp is in the process of developing support for a new US GAAP standard—the Premium Amortization on Purchased Callable Debt Securities—which switches the amortization of premium to first call, and is planning to release an enhanced version of the platform that will include the accounting changes required for the US equivalent version of IFRS 9’s impairment regulation, the so-called current expected credit loss (CECL) standard.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Awards & Rankings
Witad Awards 2024: Rising star (vendor) – data, engineering & product development—Roberta Bill, SmartStream Technologies
Roberta Bill, product manager at SmartStream Technologies, wins rising star (vendor) – data, engineering & product development, in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Technology leader of the year (end-user)—Sejal Shah, BNP Paribas India Services
Sejal Shah, director and head of Global Markets IT BNP Paribas India Services, wins technology leader of the year (end-user) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Reference data professional of the year (end-user)—Ludmilla Morgunova, BNP Paribas
Ludmilla Morgunova, Java developer on BNP Paribas’ Referential Data Platform, wins reference data professional of the year (end-user) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Vendor professional of the year (trading and risk)—Mina Wallace, SS&C Algorithmics
Mina Wallace, general manager and senior vice president of the risk management business unit at SS&C Algorithmics, wins the vendor professional of the year (trading and risk) in the 2024 Women in Technology and Data Awards.
Witad Awards 2024: Above and beyond award (vendor)—Susan Bennett, Tradeweb
Susan Bennett, managing director, global head of product marketing at Tradeweb, wins the above and beyond award (vendor) in the 2024 Women in Technology and Data Awards.
Women in Technology & Data Awards 2024: All the winners and why they won
WatersTechnology honored the winners of the 36 categories in the 2024 Women in Technology & Data Awards, who were announced at a sit-down lunch in London on International Women's Day on March 8.
AFTAs 2023: Best new technology introduced over the last 12 months (data & data services)—SS&C Aloha
Northern Trust: Improving transparency across the asset servicing market
Northern Trust won three categories in the 2023 American Financial Technology Awards. Paul d’Ouville, global head of technology solutions and servicing at Northern Trust, discusses his firm’s fourth consecutive win in the Best reporting initiative…
Most read
- Women in Technology & Data Awards 2024: All the winners and why they won
- Witad Awards 2024: Above and beyond award (vendor)—Susan Bennett, Tradeweb
- Fighting FAIRR: Inside the bill aiming to keep AI and algos honest