Misys, a leading provider of software solutions to financial services institutions, has launched a new Regulatory Reporting Service, enabling corporates, fund managers and smaller banks to meet their EMIR-specific reporting requirements.
Offered as a software-as-a-service (SaaS) solution, it 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.
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 from Misys 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 market leading Misys Confirmation Matching Service (CMS), as well as a direct upload capability. Our clients across Europe as well as U.S 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," states 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."