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Misys regulatory reporting tool helps banks beat MiFID II deadline

Broadridge Financial Solutions’ Message Automation partnership supports out-of-the-box compliance 

Misys has unveiled a regulatory reporting component which enables banks to comply with the Markets in Financial Instruments Directive (MiFID II) ahead of the 3 January 2018 deadline. Misys FusionCapital Regulatory Reporting automates the reporting process to reduce the cost and effort associated with data capture and compliance. It also supports the European Market Infrastructure Regulation (EMIR) Review requirements around OTC derivatives, as banks prepare to report by November 2017.  

Built in conjunction with Broadridge Financial Solutions’ Message Automation, FusionCapital Regulatory Reporting covers a wide scope of financial instruments including derivatives, bonds and money markets. Direct connectivity with the Approved Reporting Mechanism (ARM) and Approved Publication Arrangements (APA) supports transaction and transparency reporting in real-time and in line with the Markets in Financial Instruments Regulation (MiFIR) market transparency principles.

Nadeem Syed, CEO at Misys, said, “It makes sense to team up with a leading specialist provider of post-trade reporting tools to bring seamless reporting to our capital markets clients. It’s no secret that the industry is creaking under the weight of multiple regulations and banks need transparency and enterprise-wide consistency. FusionCapital Regulatory Reporting acts as a strategic regulatory hub. It will reduce operational risk, while helping banks to meet today’s biggest compliance challenges, without disrupting day-to-day business.”

Users of FusionCapital Regulatory Reporting can view the compliance status of transactions received from regulatory services in real-time and monitor exceptions through a flexible dashboard which supports correction and automatic resubmission of data to reporting mechanisms. Sophisticated, rule-based enrichment capabilities help to populate missing data points for quick and timely resolutions. Access to multi-jurisdictional support is available through the industry standard FpML messaging framework. 

Hugh Daly, CEO of Broadridge’s Message Automation, said, “Banks are taking this regulatory “opportunity” to look at how they can consolidate all of their trade and transaction reporting needs into one solution. We’re pleased to support Misys with an end-to-end reporting platform that is capable of tackling the large data quantities required by MiFID II, brings down implementation costs and lends itself to future regulatory demands.”

Available in the cloud as part of the Misys Platform as a Service (PaaS) or on-premise, FusionCapital Regulatory Reporting aggregates data from Misys FusionCapital core systems, as well as accepting data from other trading and order and execution platforms. The out-of-the-box component is deployed without the need for upstream source-system changes.

The FusionCapital Regulatory Reporting architecture is scalable to accommodate new regimes such as the Securities Financing Transactions Regulation (SFTR) and Analytical Credit and Credit Risk Dataset (AnaCredit), helping banks to protect their IT investments. It is part of the Misys FusionCapital portfolio which is built on more than 30 years of experience in treasury and capital markets.

Message Automation Limited was acquired by Broadridge on 9 March 2017. Further details here.

We provide the broadest, deepest portfolio of financial services software on the market. Our solutions cover retail and corporate banking, lending, treasury, capital markets, investment management and enterprise risk. With more than 2,000 customers across 125 countries our team of domain experts and partners has an unparalleled ability to address industry requirements at both a global and local level. We deliver market leading solutions by putting customer needs at the centre of everything we do. We offer a unique componentised, open architecture to enable our clients to innovate, connect and expand their existing services and increase value faster. 

Broadridge’s Message Automation is the leading specialist provider of post trade control solutions, helping banks and buy-side firms manage the challenges of new regulations and market practices across all asset classes in OTC, ETD and fixed income. Their single consolidated solution for Trade and Transaction Reporting is multi-jurisdiction including Dodd-Frank, EMIR and MiFID1/2. The same platform offers trade-flow connectivity covering House/Client Clearing, Execution, Affirmation/Confirmation; and harmonisation of reports from CCPs and exchanges. These solutions can be implemented individually or combined to provide a single holistic view of post trade data flows, providing firms with internal control and increased confidence of meeting their regulatory compliance obligations.