Sapient Global Markets has today announced its Compliance Management and Reporting System (CMRS) will be offered for customers connecting to The Depository Trust & Clearing Corporation (DTCC) Swap Data Repository (SDR) reporting. CMRS provides firms with a complete solution for more efficiently and effectively meeting regulatory reporting commitments.
Regulations, such as the Dodd-Frank Act, European Market Infrastructure Regulation (EMIR) and the Regulation on Energy Market Integrity and Transparency (REMIT), are increasing reporting requirements for firms in the capital and commodity markets. Sapient’s CMRS allows firms to collate vast amounts of data from disparate systems, translate it into the destination message format, deliver it directly to regulators and receive acknowledgement messages back from DTCC. Additionally, it provides a single view of compliance regardless of operating model and required reporting venue.
“DTCC is focused on delivering to our clients world-wide effective solutions that bring greater cost efficiency, transparency and risk mitigation to the OTC derivatives market. Our global trade reporting platform is designed with an open architecture which allows a wide universe of market participants to gain seamless access to our services which help them meet their regulatory reporting requirements around the world,” said Chris Childs, managing director, Deriv/SERV. “Working with complementary solution providers such as Sapient Global Markets and connecting with CMRS is a prime example of how we look to accomplish just that and jointly help our mutual clients face the challenges of an evolving regulatory landscape.”
Designed for firms doing business across borders, CMRS connects to all major trading and risk management systems that process high volumes of swaps and other OTC products. It is SDR agnostic and is the only system to date that collects and normalizes data from multiple sources before transforming it into formats accepted by regulatory reporting destinations. It is this end-to-end capability that ensures firms concerned with swap data reporting have a single view of compliance regardless of operating model and required reporting venue.
“As regulatory reporting deadlines approach, firms must achieve a single view of their compliance status and a streamlined method of translating data from multiple sources into the format required by regulators,” said Arun Karur, vice president, Sapient Global Markets. “With connection to the DTCC, we are offering our customers a key system designed to meet their regulatory reporting commitments efficiently and on time.”
CMRS establishes a common enterprise platform to manage and publish reporting requirements to various regulatory agencies. It enables customers to configure reporting rules, manage varied data sources, apply filtering, exception and aggregation rules and configure destination reports in the required format. It also allows clients to trace and track data being reported throughout the compliance reporting lifecycle providing much needed visibility into compliance positions at any point in time.
DTCC provides its trade repository services through operating subsidiaries such as DTCC Data Repository (U.S.) LLC, which is DTCC’s U.S. Swap Data Repository.
With operating facilities and data centers around the world, DTCC, through its subsidiaries, automates, centralizes, and standardizes the post-trade processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.
About Sapient Global Markets
Sapient Global Markets, a division of Sapient® (SAPE), is a leading provider of services to today’s evolving financial and commodity markets. We provide a full range of capabilities to help our clients grow and enhance their businesses, create robust and transparent infrastructure, manage operating costs, and foster innovation throughout their organizations. We offer services across Advisory, Analytics, Technology, and Process, as well as unique methodologies in program management, technology development, and process outsourcing. Sapient Global Markets operates in key financial and commodity centers worldwide, including Boston, Chicago, Houston, New York, Calgary, Toronto, London, Amsterdam, Düsseldorf, Geneva, Munich, Zurich, and Singapore, as well as in large technology development and operations outsourcing centers in Bangalore, Delhi, and Noida, India. For more information, visit www.sapientglobalmarkets.com.
Sapient is a registered service mark of Sapient Corporation.
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Matt Pennacchio, +1 646-520-2737