Sapient Global Markets, a provider of business technology and consulting services for the capital and commodity markets, today announced the launch of CMRSSM Portal, delivering the proven trade reporting capabilities of CMRS as a fully outsourced solution.
For firms with a lower volume of reportable derivatives trades, in-house solutions or on premise software is uneconomic due to the initial investment required and ongoing maintenance and support overheads. CMRS Portal is designed as a self-service solution for firms who require a low-touch approach to reporting compliance with the smallest possible infrastructure and integration investment.
“Trade reporting has been and continues to be a pain point for industry participants. Recent revisions by ESMA to derivatives trade reporting guidelines and the extension of the regime to other segments of the market such as securities financing mean that systems and processes must be regularly adapted to meet these new requirements. Managing these changes in-house means bearing these costs and complexities directly, so it is no surprise that there is demand in the market for external services in this area,” says Virginie O’Shea, senior analyst at Aite Group.
CMRS Portal supports Australian (ASIC), Canadian (OSC, AMF and MSC), Dodd-Frank, EMIR, Hong Kong (HKMA) and Singaporean (MAS) requirements for reporting out to the CME, DTCC, ICE Trade Vault, REGIS-TR and UnaVista. During 2016 it will be extended to support the impending MiFIR/MiFIDII rules, as well as Money Market Statistical Reporting (MMSR) and Securities Financing Transaction Regulation (SFTR) in Europe.
It enables firms to more efficiently and cost-effectively meet their regulatory reporting commitments by automating the processing, validation, matching and reporting of trade data. As a fully outsourced self-service platform, it requires no additional capital investment or staff and is based on a message-based pricing model, reducing operational expenditure and delivering a lower total cost of ownership.
“With CMRS Portal we are providing trade compliance as an outsourced self-service, without compromising on the functionality or robustness of the underlying CMRS platform,” said Arun Karur, vice president at Sapient Global Markets. “CMRS Portal delivers full visibility in to the reporting process and a level of assurance at a lower total cost of ownership. It also offers the ability for firms to sign-up and report trades within a matter of days, delivering a much faster time to market.”