We are pleased to share the latest enhancements included in our October release.
Below is a summary of what’s new in this release.

PORTFOLIO PROCESSING AND ACCOUNTING

Overlapping Trade and Valuation Dates – Consistent Book Value and Profit/Loss (FSW35981)

For portfolios that use valuation-date holdings, FPM now keeps book value and profit/loss consistent where transactions have overlapping trade and valuation dates.

Previously, the trade-date and valuation-date holdings were calculated independently. Where a holding opened and closed, or moved through zero, while transactions were between their trade and valuation dates, the two views could produce slightly different base-currency book values and profit/loss. These differences appeared in Capital Account and statement reconciliations and often needed a script to correct.

FPM now calculates each transaction’s book value movement and profit/loss once, on the trade date, and applies the same result to the valuation-date holding when the valuation date is reached. Until then, the transaction is shown as in transit, using new In Transit Units, In Transit Book Value and In Transit Book Value (Base) fields that are also available for reporting.

Key points:

• reconciliations no longer break because of overlapping trade and valuation dates, at month-end or mid-month
• transaction processing is around 10% faster, as a duplicate calculation pass has been removed
• the new behaviour applies from the deployment date, set in the new Trade Value Fix Start Date system parameter. Historical figures are not restated, so earlier reports remain unchanged
• a valuation-date holding may temporarily show zero units with a book value while transactions are in transit. This is expected, and the in-transit fields explain the difference

RECONCILIATIONS, TRADE CONFIRMATIONS AND SETTLEMENT

Cash Reconciliation Platform Enhancements (FSW90175)

The Cash Reconciliation Platform has been enhanced to support more bank-statement formats and account structures, and to simplify the sign-off process.

Highlights include:

• multiple bank accounts can be reconciled in one batch, including a single statement file that contains several accounts
• MT940, MT515 and camt.053 statements are recognised automatically, so a bank can change its format without the reconciliation being reconfigured
• improved daily matching, particularly for pooled nominee and omnibus accounts, so users see the true outstanding difference rather than the whole day as unmatched
• a missing posting can be captured and the FPM data reloaded without recreating the batch
• a new balance proof shows whether the difference between the statement and FPM is fully explained, and a new Sum Finder helps identify the entries that make up a statement line
• bank charges can be apportioned across the portfolios that used the bank account
• escalated breaks can notify the responsible users by email

Batch sign-off now completes through approval: the final approval posts the batch, and the separate Reconcile step has been removed. The previous cash-reconciliation templates have been replaced by a single built-in Cash reconciliation type, and the batch screen is now called Recon Batch Manager. We recommend reviewing security access to the reconciliation screens after upgrading.

Standard Trade Confirmation Import (FSW89510)

A new standard file format, FPM_TRADE_CONFIRMATION, is available for importing trade confirmations from custodians or brokers, alongside the existing BDA and MT515 formats. A custodian can produce the file directly, or DataBridge can translate the custodian’s own file into it.

The file is a tab-separated text file that can be opened in Excel. Portfolios, instruments and brokers can be identified by their FPM codes or by common external identifiers, such as account numbers, ISIN, JSE code or BIC.

Each line is validated on import. Lines with missing or unclear information are rejected with the line number and reason, while valid lines continue into the normal Trade Confirmation Batch process for matching and approval. FPM also warns where the amounts on a line do not agree, for example where quantity and price do not match the trade value.

This gives clients a single, standard way to receive confirmations from any counterparty, without needing a custom import for each one.

Settlement Instructions without the Cash & Scrip Recon Module (FSW90002)

Trades can now be confirmed, and settlement instructions sent to custodians, without the Cash & Scrip Recon module.

Clients licensed for the Reconciliations base module can use the Trade Confirmations screen to confirm trades manually: create a batch, select the unconfirmed trades, confirm them and approve the batch. The confirmed trades then appear in Settlement Instructions as usual. The trade confirmation system parameters can also now be maintained without the module.

Clients that already hold the Cash & Scrip Recon module will see no change, and no new permissions are needed.

CASH MANAGEMENT

Daily Cash Sweep – Multiple Portfolios into One Destination (FSW88997)

The Daily Cash Sweep can now sweep the cash of several portfolios into a single destination portfolio, such as a money market fund.

Cash Sweep Groups, maintained on a new screen in Cash Management, define the destination portfolio, its source portfolios and the period the group applies. When the sweep is run for a group, each source portfolio’s cash balance, in every currency, is transferred so that it ends at nil: credit balances move into the destination, and overdrawn portfolios are funded from it. Any currency the destination cannot hold is not swept and is reported as a warning.

A new Settle generated transactions option, available on all cash management strategies, settles the generated transactions automatically once their batch is approved.

New Cash Sweep Group permissions need to be granted, and the Daily Cash Sweep strategy must be configured before the facility can be used. Please contact Support if you would like to use it.

COMPLIANCE

Compliance Rule Sets – Active and Inactive Status (FSW89810)

Compliance Rule Sets can now be marked as Active or Inactive, in the same way as individual Compliance Rules, so obsolete Rule Sets can be retired rather than deleted.

Inactive Rule Sets are excluded from all pre-trade and post-trade compliance evaluations and are hidden from Rule Set lists by default, with an option to include them. Historical compliance results and portfolio associations are kept, so reactivating a Rule Set restores its previous coverage.

To prevent mistakes, a Rule Set cannot be made inactive while it still contains active rules, and FPM asks for confirmation before deactivating a Rule Set that is still linked to portfolios. All existing Rule Sets remain active after the upgrade.

PERFORMANCE AND ANALYTICS

TWRR Performance Diagnostic Report (FSW89260)

A new consistency check, CC-113 Performance TWRR Diagnostic, runs the standard TWRR performance troubleshooting checklist in one report for a set of portfolios and a date range.

For each portfolio, the report highlights:

• missing prices and exchange rates
• large daily price and exchange-rate movements
• gaps in composite benchmark history
• abnormal sub-period returns, narrowed down to the days and instruments concerned
• management fees alongside gross and net returns

It then summarises the most likely cause. Each portfolio is checked on the same basis its performance is calculated on, and a Show failures only option keeps the output focused.

This gives operations teams a quick, consistent way to investigate unexpected performance results. CC-113 is available to users who can already run the Performance TWRR Price Available Check (CC-112).

REPORTING AND AUDIT

Classification Audit Report (FSW89708)

A new report, SD-CLASS07-DS, and its data source, usp_Classifications_Audit, provide an audit trail of classification changes, showing who added, removed or moved portfolios and instruments within a classification, and when.

The report works across all classification types and can be filtered by classification, portfolio, instrument and date range. Structure changes, such as releasing a classification or creating and deleting one, can optionally be included.

Changes to dynamic (rule-based) classifications are not included, as these are not currently audited.

Audit Data Changes – Multiple Entities in One Report (FSW89620)

The usp_AuditData_EntityChanges data source now accepts several entities at once and returns their combined audit changes. This allows a single custom report to show audit changes across multiple entities, with each row labelled with its entity.

Dated Instrument Listing – Local Exchange Code (FSW89830)

The usp_Instruments_Listing_Dated data source now also returns each instrument’s Local Exchange Code, for use in custom reports and integrations.

PROCESSING PERFORMANCE

Reduced Server Lock Contention (FSW89432)

Improvements to internal caching in the FPM server have reduced lock contention by around 84% in testing. As the changes affect commonly used processing paths, the benefit applies across server processing, including YTI calculations and accruals, and is most noticeable when several users are active.

Faster Raw Prices Imports (FSW89841)

Large Raw Prices imports, such as price-history take-ons, are now faster where market data verification is not enabled. Prices are saved in batches rather than one at a time, significantly reducing database activity.

USABILITY

Bloomberg Task Manager – Date Range for Task Logs (FSW89949)

View Task Logs on the Bloomberg Task Manager now opens a date range selection, so a task’s logs can be viewed for any period rather than only the last 10 days. The range defaults to the last 10 days, so nothing changes unless a different range is selected.

PLATFORM

FPM Client – Auto-Upgrade Removed (FSW89783)

As previously communicated, from 19 September 2026 the FPM Client is no longer built as an MSI installer and is deployed by file copy only. The MSI-based auto-upgrade has therefore been removed.

The FPM Client no longer checks for or installs new versions at login, so login proceeds directly after authentication. The /BYPASSAUTOUPDATE and /NORESTART command-line switches are no longer needed, but they are ignored, so existing shortcuts continue to work unchanged.

CHANGES AFFECTING CUSTOM REPORTS

Yes/No Fields Standardised (FSW90057 & FSW90007)

Several yes/no fields previously stored “yes” as either -1 or 1, which could cause inconsistent results in reports that checked for -1. These fields now consistently store 1 for yes and 0 for no, and existing values are converted during the upgrade.

The affected fields are on instruments, portfolio accounts and account types, exchanges, transaction descriptors and descriptor effects, and instrument classes. The full list is included in the release notes.

Impact for users: custom reports, extracts or integrations that check these fields for -1 should be updated to check for 1 (or for a value other than 0).

Error Codes Data Source Removed (FSW89916)

The vw_ErrorCodes data source has been removed. Error codes continue to be raised and logged as before, but custom reports or extracts that use this data source will need to be updated.

Data Source Rows for In-Transit Transactions (FSW35981)

Following the overlapping trade and valuation date changes, the usp_ClientPortfolios_AccruedIncomeExpensesAndReceipts and usp_GL_Movement data sources may return more detailed rows by date for in-transit transactions. Totals and closing balances are unchanged, but custom reports that reconcile these data sources row by row may need to be adjusted.

OTHER CHANGES

• The system parameter YTIAccruals/StorageOfUserAccrualAdjustmentsActive has been renamed to WithholdingTax/Interest/RecordAndRestoreUserAdjustments, to reflect its use for interest withholding tax (FSW90051)
• The option to edit descriptor effects under Static Data | General | Transaction Descriptors has been removed, as the flags it maintained are not used in standard FPM processing (FSW89958)

For a comprehensive list of changes included in this release (2026.4.1), please refer to the release notes website.