Xtrakter, in association with the British Bankers Association (BBA) has launched an educational initiative to increase awareness among financial institutions of their transaction reporting obligations to the Financial Services Authority (FSA) of the United Kingdom.
This important initiative aims to both educate and inform participants about the importance of being compliant and the consequences of failing to do so.
Yannic Weber, Chief Executive Officer, Xtrakter said: "Xtrakter has an established history of assisting the market in order to overcome a range of regulatory reporting challenges. This initiative is a further sign of our willingness to work with organisations such as the BBA for the mutual benefit of our user community and the market as a whole. We are committed to helping market participants reduce their operational risk and remain suitably compliant."
As part of this initiative, Xtrakter and the BBA have created a transaction reporting workshop to assist interested parties. This workshop will take place on March 3, 2010 and aims to both inform and educate delegates about the regulatory requirements by which transaction reporting is mandated; to demonstrate industry best practice; convey the risks associated with failing to comply; and, to outline how reporting tools in the market operate. Specifically the workshop will be facilitated by Xtrakter and hosted by the BBA at its London offices.
"A number of leading institutions have recently been fined millions of pounds for failing to report their transactions to the FSA (UK) in an appropriate manner. Xtrakter is working with the BBA to help market participants better understand what they need to do in order to be fully compliant and avoid costly penalties," said Adrian Gill, Compliance Officer, Xtrakter.
Xtrakter would like to take this opportunity to convey its sincere appreciation to David Nowell, Transaction Reporting Specialist - FSA (UK), Ian Rennie, Project Manager Transaction Process & Control - HSBC and Stephane Clark, Senior Compliance Manager - HSBC for their assistance and support with the upcoming transaction reporting workshop.