Derivatives connectivity and regulation specialist Message Automation Limited (MA) has successfully helped eight clients to hit the challenging EMIR trade reporting deadlines on Feb 12th.
The clients include leading banks in North America, UK, Europe and Russia as well as a major UK buy-side company and two significant public sector financial institutions in Northern Europe. The implementations covered all OTC asset classes - Rates, Credits, Equities, FX and Commodities - as well as Listed Derivatives across multiple trade repositories. The projects also included delegated reporting on behalf of the organisations’ clients.
Six of the clients were new to Message Automation, as recently as December. The other two expanded on existing implementations of MA’s futureLANDSCAPE solution facilitating Dodd Frank Reporting, CCP connectivity, and links to affirmation platforms.
Neil Thomas, MA’s CTO commented “It has been a challenging and exciting few weeks given the deadlines, the complexity and the fact that this was new territory to everyone involved - Clients, Suppliers and Repositories.
Particular challenges which we overcame included:
- UTI exchange and subsequent re-submission
- Sourcing trade data from multiple internal systems
- Delegated reporting with and without self-reporting
- Confirmation date and time updates and subsequent re-submission
- Additional party information, such as corporate sector etc., for self-reporting
- and/or delegated reporting”