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Thomson Reuters Launches Solution to Provide Financial Firms with Improved Oversight of Benchmark Submissions and Contributed Data

Thomson Reuters looks to help financial institutions meet customer and regulatory demands for greater transparency around benchmarks and other price sensitive data  

Thomson Reuters announced today that it has launched a new suite of capabilities to help financial institutions improve transparency and reporting around financial benchmark submissions and other price sensitive data. These capabilities allow firms to better manage the entire benchmark submissions workflow; from the pre-submission requirements of controlling who in their firm is publishing contributed data, to the post-submission compliance activities of surveillance, audit and reporting.

Trading firms face increasing scrutiny surrounding their monitoring processes for contributed data, most notably for benchmark contributions following recent benchmark-fixing investigations. Global regulators and associations such as IOSCO are looking into firms’ controls and compliance measures in this area with discussions continuing around how to effectively ensure increased transparency and control.

The new solution from Thomson Reuters combines content, analytics and visualization tools in a managed services environment. As part of the solution, financial institutions can use a new capability in Thomson Reuters Enterprise Platform that embeds a unique identifier (Visual Publishing Identifier) alongside a published price or rate, providing detailed insight into publisher information across a firm’s entire workflow. Financial institutions can integrate this data into their current auditing and reporting tools, allowing them to perform tasks such as tagging, analysis, and setting alerts based on configurable parameters. This provides complete transparency for compliance monitoring, enabling them to spot potentially suspicious trading or submission activity.

“Thomson Reuters looks to support the financial industry in multiple ways to improve transparency and manage operational risk in today’s evolving markets,” said Brennan Carley, global head of platform, Thomson Reuters. “The new capability gives our customers the detailed level of transparency into contributed data that they need to ensure they can effectively monitor activity and be in a stronger position to satisfy evolving global regulations.”

Thomson Reuters Enterprise Platform is a scalable and robust technology platform that allows financial institutions to control all of their real-time information flows. The platform enables firms to integrate data from any source, to enrich and validate those sources of data, to create proprietary prices, analytics and other content, and to feed all of that content into any type of workflow application. The platform provides customers with end-to-end latency of less than 100 microseconds from publisher to subscriber and support for up to 3.5 million messages per second over the core messaging backbone. Thomson Reuters Enterprise Platform is part of the Thomson Reuters Elektron suite of suite of data and trading propositions.