In the wake of the Libor fixing scandal, Thomson Reuters has unveiled a service designed to help banks improve transparency and reporting when it comes to benchmark submissions and other price sensitive data.
The Libor scandal, interest rate benchmark rigging and allegations of foreign exchange rates manipulation have dogged the industry and increased the scrutiny that trading firms face surrounding their monitoring processes for contributed data. Regulators around the world and associations such as Iosco are now looking into firms' controls and compliance measures as they seek increased transparency.
Thomson Reuters - which administers around 150 benchmarks, including the one at the centre of the FX probe - is promising to help firms better manage the entire workflow; from the pre-submission requirements of controlling who in their firm is publishing contributed data, to the post-submission compliance activities of surveillance, audit and reporting.
Within its Enterprise Platform the company will embed a unique identifier, alongside a published price or rate, to provide insight into publisher information across a firm's entire workflow. Financial institutions can then integrate this data into their auditing and reporting tools so that they can perform tagging, analysis, and setting alerts based on configurable parameters.
This, Thomson Reuters says, provides complete transparency for compliance monitoring, enabling them to spot potentially suspicious trading or submission activity.
Brennan Carley, global head, platform, Thomson Reuters, says: "The new capability gives our customers the detailed level of transparency into contributed data that they need to ensure they can effectively monitor activity and be in a stronger position to satisfy evolving global regulations."