FRSGlobal takes Financial i MiFID Compliance Award

Brussels, London and Boston - 29 November 2007

FRSGlobal, a leading provider of global risk and regulatory compliance reporting solutions, has won the ‘MiFID Compliance’ category of the ‘Leaders in Innovation Awards’ from key financial services publication Financial i.

The award recognises the success of FRSGlobal’s “Transaction Reporting for MiFID” in assisting the wholesale banking sector in its compliance with the Markets in Financial Instruments Directive (MiFID). Although regulatory reporting is often not the top priority in compliance initiatives, it is the one guaranteed requirement in every programme. The JWG-IT independent think-tank has found that MiFID implementers placed the changes introduced by the new transaction reporting regime as one of the most complex and difficult to overcome. FRSGlobal currently has 30 banks using its “Transaction Reporting for MiFID” solution.

“It is a great achievement to be recognised for the value we are providing the financial industry with in what is an increasingly regulated market,” commented Virginie Blaise, Product Management Director at FRSGlobal. “We see further growth opportunities not only in Europe but globally and our unique ability to provide centralised global regulatory reporting puts us ahead of the game”.

“Extending market abuse detection capabilities across the EU requires an enormously complex infrastructure which aligns common practices, agreed standards and ownership from the central regulatory committees. In removing the exchanges’ control over this important function, legislators have shifted the responsibility onto the market while at the same time increasing the reporting requirements. The firm now has a number of decisions to make about what they report, which reporting channels they use, and at what cost. Senior management will sleep easier at night knowing that these reporting rules are being managed effectively” added Jitz Desai, Director of JWG-IT.

FRSGlobal’s “Transaction Reporting for MiFID” is built on the FinancialAnalytics suite of applications and utilises the DataFoundation module to ensure that data needed from all sources is stored and retrievable to enable regulatory reporting. The award was given by a panel of experts including representatives from analysts Bloor, Celent and TowerGroup, along with the magazine’s editorial staff.

The Markets in Financial Instruments Directive came into effect across much of Europe on the 2nd of November 2007. The regulation changes many factors involved in trading securities in Europe, making accurate and timely transaction reporting vital for compliance purposes but also useful for businesses affected by this change in the regime.

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