MASS Committee
Meeting Minutes
Date: 7/21/10
Written by: Hanna Salvatore Time: 1:00
Type of meeting: Steering Bridge: 1-877-879-8153
Attendees:
David Sommervile Gary Jones
Coby Payne Hanna Salvatore
Gib Veconi Heeran Pathak
Committee Business
Agenda items
New Action Items
Open Action Items from Previous Meeting
2010 Goals
Subcommittee Updates:
The AOM group is discussing cost basis and recently categorized the reject codes into:
• Suitability/account terms (e.g., client risk tolerance is below standard for investment product)
• Trades not allowed (e.g., processing a termination and liquidation when a reorg is in process)
• Reference data errors (e.g., sponsor, program, product or account identifier not recognized)
• Operational conflicts (e.g., contribution request received while account termination is in progress)
• Technology/communications (e.g., reference data system not available)
We are still working toward the annotation of the schema.
The Trading Subcommittee is goal setting for the rest of the year. There is a group of people going to the FRA summit. There is a session on Wealth Management. Someone on the group may join a panel. Lisa Ti is still looking into FIX.
There was a reconciliation meeting last week. They are reviewing the older material from the group and moving forward from there.
The billing group is collaborating with the reconciliation for billing message for models only programs. The schema is being tweaked for models and they are working on the recommendations.
The model committee has been discussing how to handle restrictions and fixed income in the models. There are some open issues. The schema from MSSB that was received is different from what we have versus they have. They are working to bridge the gap.
The tech and ops committee is coordinating what is happening with cost basis. AOM is working on cost basis at the lot level as well. There are other messages that need work such as the cost basis default such as FIFO HIFO, etc. Is there a default method to be employed if an account is asking for a distribution, is there an override? What is the unique identifier per lot- versus purchase date? That is not guaranteed to identify a unique lot, can be close but maybe not 100% accurate. Schwab, for example has a six date limit. Trade communications will be an interesting issue to work out there. Gary said there is a survey being considered from the cost basis group to see how well prepared the industry is for this.
Gary then did a demonstration of the website’s new functionality. We wanted 3 things – an ability to advertise – we are using Google Ad which we can suppress or not. We can sell ad space. We can define what category of ads we want to show and we get paid for that. This can help fund some of our activities.
Next we wanted polling functionality. For example we could question: “Should we add this?” It will show the tallies. You can cancel a vote and it backs it out of the vote and tallies. There is a section for all different types of polls. We can create content. These features can be set up to ask questions. It allows you to select more than one as well. It can set dates or you can do so manually. Who can create polls? This can be restricted so it allows limits on who can vote as well. This will be used more for commentary. The survey would not be the right place for this, but we can publish questions.
The third thing we needed was a calendar for meeting reminders. You can select a subcommittee and set up a reminder for the day before and an hour before. Now it is set up for user IDs on the website, but we can include others as well.
Everything else still functions the same way. Gary also set up a Twitter account for MASS. Reminders can come from these areas as well. We may be adding another thing for the MASS website which is a contact update.
Meeting adjourned at 1:50.