New version of GAIA market practice released
February 16th 2017
The latest version of the GAIA market practice document has been released. The objective of the GAIA project is to introduce a standard road map for the adoption of automated communications and processes in the alternative funds industry. We wish to replace the use of the fax and the manual re-keying of data with electronic mechanisms which will allow data to flow safely, reliably and accurately. Automation of these key processes will bring huge benefits to the industry not least in a massive reduction in operational risk and enhancement of customer service.
This new version of GAIA now includes a standard model for price and statement reporting; flexible enough, we believe, to provide an excellent foundation for automated statement reconciliation across the industry.
The standard now supports non-unitised funds. This means that limited liability partnerships and Private Equity and Real Estate (PERE) funds are now automatable.
We are also very please to announce that this new version of GAIA has been mapped to the new ISO 20022 order message set due for release in November 2017. These new messages combine the requirements of mutual and alternative funds in one message set, allowing platforms to support all their funds with one messaging infrastructure. The group thanks SWIFT standards for their help and support with this new release.
Documents can be downloaded here.