- London - STB Systems are pleased to announce that REFCO Overseas Ltd (REFCO) has selected STB-Reporter to provide automated regulatory reporting to the UK Financial Services Authority (FSA).
REFCO, in selecting STB-Reporter, joins the largest group of deposit takers and securities/investment firms using the market leading automated regulatory reporting solution in the UK.
STB-Reporter will provide the regulatory reporting outputs required by the FSA automatically from the underlying source data presented to the system by REFCO. STB's ease of interfacing makes taking data from the various diverse source systems as easy as possible for REFCO. Data may be presented in almost any format that REFCO prefer and data mapping, consolidation, de-duplication and application of the necessary business rules is carried out by STB's data management tool, STB-SuperConsolidator.
The data collected within STB-SuperConsolidator may be used by REFCO for additional reporting requirements as they expand the system in the future.
REFCO are required to submit the standard reporting to the FSA in line with what used to be SFA reporting. These reports include Large Exposures, Capital Adequacy, Financial Resources and Position Risk reporting.
All of the reports are processed through STB-Reporter which displays screen versions of the forms that REFCO staff would typically have completed manually. Full drill-downs to underlying data items are provided for and full audit trails are available at all stages. Output to the regulator in electronic format is standard.
The implementation of the system now by REFCO will mean that as the full impact of Basel II, CRD, Mandatory Electronic Reporting and the FSA's IRR with XBRL output is felt, REFCO will have a solution designed to provide all of their FSA regulatory reporting with minimal disruption.
Commenting on the agreement, Michael Thomas, Group CEO at STB Systems said, "We welcome REFCO Overseas Ltd to our long list of clients. With our guarantee that all future changes to FSA regulatory returns will be included for REFCO at no additional licence cost, REFCO has chosen an ideal time to select a solution from STB. Changes to the way deposit taking institutions and investment businesses report to the FSA with the introduction of MER and XBRL mean that REFCO will receive these changes as a part of their annual licence."
"We look forward to a long and mutually beneficial working relationship."