SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that its solution for trade repository reporting is now available to Ontario, Quebec and Manitoba.
Although these are the only three provinces that currently have laws in place to regulate derivatives, harmonized rules are expected to be adopted by the other Canadian provinces in the near future.
Effective data warehousing is key for the supply of data to the trade repositories. This requires having the relevant data available in a high-quality and cumulative form in order to generate transparent reporting. Because SimCorp Dimension is a fully integrated system supporting OTC and exchange traded derivatives with all of the necessary data stored in a single real-time database, it allows for the automatic processing of data for the mandatory reporting.
SimCorp has already deployed solutions for regulatory compliance to 30 organizations across nine European countries. Just last year, SimCorp enabled the first 25 clients to report according to the requirements set out by the European Market Infrastructure Regulation (EMIR). Most recently, SimCorp entered the Asian Trade Repository Trading space, when Sydney-based Challenger began reporting according to the rules of the Australian Securities & Investments Commission (ASIC) to DTCC GTR in Singapore.
"We have been reporting intra-day and end-of-day lodgments successfully with SimCorp's solution," says David Mackaway, General Manager of Operations at Challenger. "After a speedy non-disruptive implementation, we are very impressed with the quality of the performance and overall benefits to the business."
European clients are also experiencing the benefits of SimCorp's Trade Repository Solution. Fiorina Stutz, Head of Business Analysis at Swiss Life Asset Managers, a SimCorp client since 2008 comments: "As the solution is fully integrated into SimCorp Dimension and built on existing functionality, it is very straightforward for us to use. We have experienced a dedicated SimCorp team, who has been attentive to every detail, change and amendment to the regulation."
Carsten Kunkel, Head of SimCorp's Global Regulatory Center of Excellence comments: "SimCorp continuously invests in developing its solutions and functional capabilities in regards to regulatory issues. We look forward to now also supporting clients in Canada with our Trade Repository solution and further establishing SimCorp as the business partner of choice when it comes to regulatory compliance."
SimCorp's Trade Repository Reporting Solution allows investment managers to report all derivatives trades to the designated trade repository of their choice, either the DTCC GTR or REGIS-TR. This includes not only trade information, but also market value, collateral information and all life cycle events. The solution handles these requirements with fully automated workflows. For reporting, the user has full control of the complete process from data collection and processing right through to the creation of the reports.