Misys has launched a regulatory reporting service to assist corporates, fund managers and smaller banks to meet their European Market Infrastructure Regulation (EMIR)-specific reporting requirements.
Offered as a software-as-a-service (SaaS) solution, the software group said that the service enables customers to report to a trade repository (TR) on the execution, modification and termination of a derivative transaction, without needing to implement or maintain new systems.
The EMIR regulations makes it mandatory for both parties to a derivative trade to report all new, modified, cancelled and terminated transactions by the close of the following day, with each party responsible for the accuracy of the data reported.
The service enables customers to comply with the new regulations with minimal effort through use of its sophisticated data-enrichment tools and direct TR-connectivity. Crucially it also has direct integration with the Misys confirmation matching service (CMS), as well as a direct upload capability.
Misys added that clients across Europe as well as US are now actively submitting trade data to the repositories on a daily basis via the Misys regulatory reporting service with full visibility of what has been reported through a browser-based client blotter.
“With corporates, fund managers, and banks alike all having an obligation to report under EMIR, our customers were asking us to provide a flexible solution to make it easy for them to be compliant with the incoming regulations in what was a very tight timeframe,” said Neil Macro, global sales director, Misys Global Managed Services.
“Our single-instance multi-tenant solution was delivered in time for our clients to fulfil their reporting obligations on 12 February, and is now perfectly positioned to provide TR-connectivity to many more corporate treasuries, fund managers, or small banks going forward. As clients realise that temporary solutions or other forms of delegation are not necessarily suitable or scalable in the longer term, we have a solution to meet their needs.”
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