MIMICS Back Office System will process security purchases and sales, make the payments for the transactions, and assist in the delivery of the securities. The system handles a wide variety of investment instruments efficiently. It calculates prices and yields, and the system prepares confirmations to your specifications. It automatically interfaces with your general ledger, giving you up-to-date financial statements whenever you like. You can easily view the transactions on-screen whenever you need more information.
The system handles fixed income securities, equities, and even cash management products such as repos and fed funds. Each security type is treated in its unique way, in order to give you the maximum flexibility in output, whether in the form of GL or DDA entries or confirmations and reports. Optionally, commodities, foreign exchange, and other products are processed. The system is designed to minimize input errors by automating the tedious and time-consuming functions of the back office. Confirmations, customer cards, and security position records are prepared along with Daily Management Reports.
MIMICS Back Office System uses your accounting methods for processing. Both trade date and settlement date accountings are available, and the system will provide accounting reports for domestic as well as foreign offices.
For preparing confirmations, the systems maintain the list of salespeople, delivery instructions, payment instructions, and customer demographic data. The payment and delivery instructions are user-defined. The default instructions for customers can be overridden by the use of another "standard" instruction, or by typing in a unique instruction. This information can be updated by the operator as needed. As the trade is completed, sales commissions are calculated, and commission reports can be printed later.
Purchases, sales and short sales of securities are entered as they occur. The system is "CUSIP driven" so when the CUSIP number and its associated information (e.g., description, rate, maturity date, etc.) is entered once, it remains on file. This way, every time the same CUSIP number is entered, the security information will be displayed automatically. If CUSIPs are not used, it can be keyed by other security ID types such as ISNs and BICs. When a purchase is entered, it goes into inventory only to be later reduced by sales or maturity. When selling a security, the system will display the remaining inventory for the appropriate CUSIP number, allowing the operator to select which purchase is to be sold. This allows the user to determine which costing method, e.g., FIFO, LIFO, etc., should be used.
At the time of entering the purchases, re-offering prices can be entered and printed on the inventory reports. Salespeople can then know the current pricing. After the trades are entered, they may be delivered or received in various ways on the appropriate date. Payments are also entered, and the system will allow for full or partial payments. Payments that are "close enough" can have the difference "washed." If securities are not delivered by the settlement date, the system will report this information on the Fails Report. The securities can be re-priced individually, or by using a security pricing service. You can then select to print the Mark to Market report. All of the information regarding purchases, sales, payments, and deliveries are recorded on the Customer Activity Records, and the information can be printed in the Customer Statement form. This information is also recorded on the Security Activity Records (Security Position Records) which is needed for compliance.
Information from the above procedures will determine the accounting entries, and it will print on the Settlement Date blotter and the Settlement Date Inventory Report. Reporting is designed for full compliance. The entries can be passed directly to your GL and/or DDA system. Do you need additional reports? Use our on-board report writer to generate whatever you want in minutes.
1099 processing is streamlined with the system handling the majority of the processing automatically. 1099s are prepared to be printed on paper forms or they can be written to electronic files in IRS format. Other equivalent sovereign tax forms can be created.
Every transaction that takes place is added to the Audit File with a time and date stamp. The audit trail identifies the user making the update. In addition, every transaction is added to the History File. The history is available to you for printing, displaying or exporting. You can easily print reports for management or for your own use. Equally as easy is displaying information on the screen. You can report information from the History file to databases, spreadsheets or word processors.
If you would like more information about our products and services, please fill out our online request form.
