BearingPoint’s ABACUS/Transactions supports investment firms in meeting their regulatory reporting requirements in compliance with MiFID II/MiFIR
Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), has enhanced its ABACUS/Transactions product, an established module-based standard software solution for transaction reporting, by incorporating the MiFIR module to facilitate compliance with the regulatory reporting requirements under MiFID II/MiFIR.
The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) take effect on January 3, 2018. In the aftermath of the financial crisis, a new legislative framework was designed to significantly extend the applicable transparency guidelines under MiFID I and to stabilize and realign the infrastructure of financial markets. The MiFID II/MiFIR transaction reporting covers an immense product range, uses complex reporting logic and requires the delivery of personal data with a high level of granularity and consistency with other regulations, such as EMIR. The reports have to be submitted at the end of the business day following the transaction day (t+1).
Robert Bosch, Partner at BearingPoint, says: “Ensuring readiness for MiFID II/MiFIR implementation is one of the biggest challenges institutions are facing in 2017, especially when taking into consideration the complexity and tight timeframe. Our response to this challenge has been to extend our ABACUS/Transactions solution with the MiFIR module to facilitate MiFID II/MiFIR reporting. In light of the other upcoming transaction-based reporting obligations, such as EMIR amendments, SFTR reporting and others, it is essential for firms to think strategically about forming a holistic view across different regulations. ABACUS/Transactions provides the industry with a standard regulatory reporting solution to assist firms in fulfilling their transaction-based reporting requirements with only one tool.”
The layer structure design enables reporting institutions to always have the option of using the MiFIR module separately as well as in combination with other ABACUS/Transactions modules. On the market since 2014, the product has achieved a corresponding market maturity through EMIR reporting (European Market Infrastructure Regulation), which is currently covered by the TR module. ABACUS/Transactions also supports the recently approved EMIR amendments, referred to as EMIR II, which are applicable starting November 1, 2017, as well as the Swiss derivatives reporting according to FMIA/FinfraG, which will be applied from October 1, 2017. The MMSR module helps clients to comply with the new ECB regulation concerning statistics on the money markets (MMSR). Over 15% of Eurozone reporting institutions have been successfully delivering their productive MMSR reports, starting from the initial July 1 reporting date. Furthermore, ABACUS/Transactions will also support the reporting regime under the Securities Financing Transaction Regulation (SFTR), expected to be applied from the end of 2018. In this way, ABACUS/Transactions continuously helps reporting institutions to meet the requirements for several types of transaction-based reporting without needing to have multiple data deliveries. The software is available as an on-premise solution and as SaaS (Software-as-a-Service).
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for Financial Services.
Customers representing 5,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and as a member of standardization bodies such as XBRL consortium, we actively contribute to the process of standard setting. We combine our regulatory expertise with our proven, reliable and future-oriented RegTech Solution Suite and expert consulting capabilities as well as training seminars and managed services. For more information about our products, please visit: www.reg.tech