Global SaaS treasury management leader to provide comprehensive trade reporting functionality
Kyriba, the leader in cloud-based treasury management solutions, has partnered with Global Reporting Company (GRC) to provide its clients with European Market Infrastructure Regulation (EMIR) compliant derivatives trade reporting capabilities.
The agreement enables all of Kyriba’s clients that have a European presence to implement a comprehensive solution for EMIR reporting, benefiting from shared technical expertise from a best-in-class consultancy while maintaining independence and enhancing internal controls.
GRC offers firms, including corporate entities and investment managers, an end-to-end solution to address regulatory trade reporting requirements. It delivers a neutral fully outsourced service, enabling market participants to spread their trading risk by continuing to use multiple prime brokers whilst consolidating reporting tools, data mapping, process monitoring and connectivity through GRC to the REGIS-TR trade repository.
“Many of Kyriba’s clients are EMEA-headquartered or have operations in Europe, and a large number of these organisations trade in derivatives,” said Rémy Dubois, EVP and managing director Kyriba EMEA. “Thanks to this partnership with GRC, our clients can now be fully compliant with the upcoming EMIR regulation, without the need to either develop expensive and complex custom projects for direct trade reporting, or be stuck with the inflexible option of delegating reporting to bank counterparties. With GRC, we have the best of all worlds, with a low-cost, flexible and powerful reporting solution. Kyriba enables its clients to spend less time on manual and low-value tasks, and more time providing strategic counsel across the organisation. With the GRC partnership, becoming EMIR-compliant is both simple and cost-effective for our clients.”
“EMIR compliance has become an increasingly burdensome process, with companies typically having few options,” said Sophie Langlois, partner at Codiese and co-founder at GRC. “GRC’s solution removes much of the technical headache and high cost of compliance, while giving the peace of mind of a comprehensive and robust trade reporting solution. This partnership with Kyriba will open our reporting solution up to a wide range of companies, and will enable them to be worry-free when the deadline for EMIR compliance arrives on February 12.”
EMIR is mandated by the European Securities and Markets Authority (ESMA), and requires the clearing, risk mitigation and reporting of over-the-counter and listed derivative transactions to a recognised trade repository. It comes into effect on February 12, 2014.