tecconTR supports financial institutions in the reporting of OTC derivatives transactions under EMIR

Munich - 2 May 2013

targit GmbH, an independent consulting and software company for the financial industry, launches the software solution tecconTR, which allows market participants that trade OTC derivatives to automatically transfer the reportable information about its derivative contracts to the trade repositories DTCC GTR and REGIS-TR. This allows companies to meet their reporting requirements to trade repositories, which comes into force in accordance with the "European Market Infrastructure Regulation" directive (EMIR) on 09/23/2013.

With the software solution of targit market participants can link the transaction repositories quickly and inexpensively and are still able to respond to their individual needs, for example in the selection of the trade repository. Furthermore, any reporting requirement already in force by the "Dodd-Frank Wall Street Reform and Consumer Protection Act" can be realized with tecconTR.

tecconTR links to the trading systems of market participants who trade OTC derivatives with an open input interface to trade repositories and accepts all the usual formats. The software determines the reporting relevance of the incoming trades, validates for completeness and then transforms them into the respective reporting format. After transfer to the trade repositories their processing status will be provided as feedback to the source system. tecconTR thereby maps all confirmation processes in detail. Further trade repositories can be added using a plug-in concept.

tecconTR is based on the product teccon which is already in use by targit customers since autumn 2012. teccon connects trading systems to MarkitWire, the leading trade affirmation platform for OTC derivatives. The new software extends the capabilities of teccon so that financial institutions can implement the reporting function to trade repositories quickly and easily.

A strength of tecconTR is to adapt individual customers formats via a flexible mapping approach to trade repositories. In addition, customers can decide to which repositories they transfer their messages. tecconTR here can be extended easily thanks to its open architecture, allowing customers to add their own extensions. Thus, the necessary legal requirements can be implemented in very short project cycles.

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