Misys Extends Trade Reporting Capabilities to DTCC
Software provider Misys has added connectivity to the Depository Trust & Clearing Corporation (DTCC) for its regulatory reporting service.
The service provides corporates, fund managers and smaller banks the choice of multiple trade repositories that they can automatically connect in order to meet their regulatory reporting requirements. Support for commodities reporting has also been added, as well as compliance with new tighter validation rules.
Offered as a software-as-a-service (SaaS) solution, Misys Regulatory Reporting Service (RRS) enables customers to report to a trade repository on the execution, modification and termination of a derivative transaction, without needing to implement or maintain new systems. It also handles the valuation (mark to market) and collateral reporting requirements that came into effect in August 2014.
With its existing connectivity with Iberclear/Clearstream joint venture (Regis-TR for European Market Infrastructure Regulation (EMIR) over-the-counter (OTC) derivative reporting), the addition of DTCC’s Global Trade Repository allows for the global expansion of the Misys RRS.
Incoming regulations in countries such as Switzerland, Canada, Singapore, and Australia, all have trade reporting implications for both the buy side as well as the sell side. Misys RRS connectivity with DTCC allows the solution to be adopted by clients with reporting requirements in any of these jurisdictions.
“I am delighted with the uptake of our regulatory reporting service and the trust that our clients have put in us to deliver a solution that allows them to meet the ongoing regulatory demands”, said Neil Macro, global sales director, Misys Global Managed Services.
“As regulations start to take hold around the world, it was vital that our RRS service was both scalable and adaptable to meet the requirements in all jurisdictions in which our clients operate. There remains much uncertainty in the market over issues such as derivative definitions, timelines and penalties for non-reporting, and longevity of banks’ willingness to take on delegated reporting.
“As the mist slowly clears on these issues, there will be many more companies requiring a solution to help automate their OTC derivative trade reporting, both for EMIR and for all other global regulations. Misys RRS is perfectly placed to provide this.”