n-Tier an industry-leading software provider announced the addition of Large Option Position Reporting LOPR) validation on its Compliance Workbench product providing clients with the ability to validate the accuracy of their Large Option Position Reporting for both listed and OTC options. The release of the LOPR validation is very timely, as FINRA in their 2014 priorities listed LOPR as their priority for Audit Trail Integrity due to ongoing issues with inaccurate reporting.
n-Tier Continues Rollout of its Trade Reporting Validation Platform
“n-Tier’s Compliance Workbench enables clients to validate millions of records based on a wide variety of user configured rules to detect any trade reporting errors. With the new LOPR capabilities clients will be able to identify and address Listed, OTC, In-Concert and OCEND reporting errors.” said Geoff Love, Head of Business Development for n-Tier.
“The release of LOPR validation is the next milestone in our product line rollout and the next enhancement will be an automated comparison process between OATS, ACT and Blue Sheet.” said Peter Gargone, CEO of n-Tier.
Compliance Workbench can now validate Blue Sheet, Trace and LOPR reporting. The approach of using a platform independent of the reporting infrastructure to validate 100% of your critical reporting to regulators is a best in class approach to ensure a high degree of control.
The Compliance Workbench validates all aspects of your LOPR, Blue Sheet and Trace reporting including recalculating the transaction information included from any number of source systems in any format. Compliance Workbench provides summary and detail dashboards to monitor and action exceptions identified in the validation process. It is also possible to drill down to the lowest level of trade detail to view the actual error.
Currently almost all reporting broker-dealers do very limited manual testing on the accuracy of their LOPR, Blue Sheet and Trace Reporting. This work is generally inadequate to detect all types of errors that can occur. Consequently, inaccurate reports continue to be submitted to the regulators resulting in fines and reputation damage.
The Compliance Workbench enables 100% validation of the data being submitted in your trade reports and provides the information needed to identify and research the most serious systemic reporting issues. Compliance Workbench also represents a sustainable, ongoing review of your reporting accuracy so that if a defective system change occurs downstream the impact will be immediately visible.