DealHub (Option Computers Ltd) announced today the launch of DealHub Smart Trade Reporting - a simple to implement package of solutions to manage the new clearing and reporting workflows mandated by the Dodd Frank Act in the US and the MIFID and EMIR legislation in Europe.
DealHub CEO, Peter Kriskinans, said "Banks and Brokers are faced with a tidal wave of regulatory change during the second half of 2012, creating huge complexity as legacy systems are upgraded and new systems implemented to cope with new reporting codes and new workflows - all of which are subject to change as regulations evolve in the months to come. DealHub Smart Trade Reporting cuts through that complexity, protecting core systems from disruptive change and establishing a flexible, rules-based framework to manage regulatory demands in 2012 and beyond."
DealHub Smart Trade Reporting addresses four key regulatory challenges identified by DealHub customers:
• Upgrading existing STP systems to capture and handle the extended data sets required for regulatory reporting
• New workflow to enrich trades with reporting data and handle two way communication with CCPs and Trade Repositories during the reporting lifecycle
• Fast access to trade data and reporting status to satisfy client and regulator queries and to manage exceptions
• Connectivity to multiple trade repositories and CCPs
The simple to implement solution is available to new and existing Dealhub customers as a complete package, or can be deployed or hosted as separate modules, integrating with in-house and third party systems. For existing DealHub customers, many of these modules are straightforward extensions to current systems, which can be deployed very rapidly.
"There's been a lot of focus in the market on establishing external connectivity to CCPs and SDRs. DealHub Smart Trade reporting takes a flexible approach to handling these connections - but the conversation we're having with customers is increasingly turning to the internal workflow challenges resulting from the new reporting obligations," said Patrick Philpott, President, DealHub USA. "In order to get all your non-spot traffic to a Trade Repository, with all the rightright data, within 15 minutes, and to manage all the subsequent updates in the reporting lifecycle, there's a huge amount of new process that needs to be built in to bank systems. By abstracting all this workflow into a single middleware layer, we can minimise the impact on core trading systems and provide a simple to deploy solution that ensures customers are compliant on day one, and has the flexibility to adapt as regulations develop in the future."