Omgeo, the global standard for post-trade efficiency, today announced that it has enhanced its automated collateral management solution, Omgeo ProtoColl, to help users meet new Commodity Futures Trading Commission (CFTC) reporting requirements.
Adopted in response to the Dodd-Frank Act, new CFTC business conduct rules are creating increased reporting requirements for swap dealers and major swap participants.
As a result of the new mandate, swap dealers and major swap participants must begin daily mark-to-market reporting for many of their open derivative positions. For the first time, firms are required to support the delivery of mark-to-market statements to their counterparties, contributing counterparties or both. ProtoColl's flexible storage and distribution capability is uniquely suited to help clients comply with these new daily mark-to-market reporting mandates. The solution allows for rapid creation of required reports, drawing on user firms' existing data, which without ProtoColl would have resided in disparate systems.
"Shortened windows between the finalization of regulations and required compliance are straining firms' ability to meet deadlines," said Ted Leveroni, Executive Director, Derivatives Strategy, at Omgeo. "When dealing with organizations maintaining multiple systems, it can be challenging to react rapidly to all of the new regulations surrounding OTC transactions. With an automated solution like ProtoColl, firms are better prepared to meet this challenge."
Omgeo ProtoColl's sophisticated workflow capabilities manage daily activity and track all progress during the day. It supports automatic portfolio generation and reporting, calculation and posting of collateral requirements and the subsequent processing of initial and variation margin movements across asset classes. ProtoColl's flexible design, and ability to consume data from multiple sources, combined with its distribution and reporting capabilities, provides users with the means to automate this new facet of regulatory reporting quickly and easily.