Standard Market Practice
Key to the success of automation initiatives is the definition of standard market practices that can be adopted by all participants. The ViaNova group has adopted a business focused approach to this, taking an in depth review of the problem to be solved and not being constrained by a specific technical solution. The starting point was to focus on order transactions, then expanding this to look at pricing and reporting needs.The result of these business data requirement and process discussions has been the creation of market practise documentation which incorporates the detailed requirements for the automated conversation flow and standard data dictionary.
The market practice document forms the foundation for whichever technical solution is adopted and has mapping to SWIFT ISO20022, acknowledging that this is the widely used transport mechanism within the funds industry. The solution can utilise the same messages that are currently used across the funds industry for other fund types and therefore should create a level of harmonisation.
The market practice has been developed so it can be applied to multiple technical solutions therefore participants can select what is best suited to their own organisation or leverage the existing solutions available today.
For your reference, we include below a list of service provider offerings which are purported to assist firms as they carry out their ViaNova implementations. However, these services are neither validated, nor specifically recommended by the ViaNova working group. So, we recommend that firms carry out their normal due diligence checks when selecting their partners.