Provides a single system for collating collateral and valuation data and reporting to DTCC, REGIS-TR and UnaVista
Sapient Global Markets, a division of Sapient (NASDAQ: SAPE), and a leading global provider of business technology and consulting services for the capital and commodity markets, today announced further enhancements to its Compliance Management and Reporting System (CMRS) to support collateral and valuation reporting.
Starting August 12, 2014, firms must report collateral and valuation information on transaction-level (OTC), position-level (ETD) and collateral valuations on a portfolio-level. With multiple source systems including, trade booking, valuation and collateral management systems, firms must collate and consolidate a vast array of disparate information, and then report in the specific configuration required for each trade repository (TR).
“There are numerous, significant data challenges inherent in the trade reporting process, not least of which is the aggregation of data from numerous different sources across a firm,” said Virginie O’Shea, senior analyst at Aite Group. “Given the issues the industry faced earlier in the year with the EMIR deadline in February and the lack of common standards for reporting across trade repositories, similar internal reconciliation and reporting challenges are likely to occur for the valuations and collateral component, especially when acting on behalf of a client.”
CMRS is a proven, single reporting solution that integrates disparate valuation and collateral sources, enriches the incoming information by providing necessary reference data management and reports to the DTCC, REGIS-TR and UnaVista TRs. It facilitates firms to report transaction, valuation and collateral on its own, on behalf of a counterparty, or as delegated reporting service to its end clients.
It also offers a highly flexible approach to reporting, with the ability to switch TRs, and removing the need to rebuild reporting solutions if firms want to move from their incumbent TR to take advantage of competitive pricing. For smaller firms who have retained reporting in-house, CMRS is available as a hosted model, delivering a cost effective approach to regulatory reporting compliance.
“In our discussions with market participants it is apparent that they are looking for a single solution to address the various reporting regimes and support their firms during a period of unprecedented change. In creating CMRS, we recognized that both EMIR and Dodd-Frank requirements could be used as the building blocks to create a consistent approach to the various facets of the trade reporting process,” said Arun Karur, vice president, Sapient Global Markets. “The addition of collateral and valuation functionality is a natural extension of CMRS. It enables firms to centralize their external communications and compliance efforts to achieve a single view of their compliance status. When combined with a streamlined method for identifying trades to be reported and translating data from multiple sources into the specific format, CMRS offers a compelling choice for supporting Dodd Frank and EMIR reporting requirements.”