Smart Assurance Solutions for Tradeand Transaction Reporting
NEW YORK--(BUSINESSWIRE/AETOS Wire)-- SmartStream Technologies,the financial Transaction Lifecycle Management (TLM®) solutionsprovider, today announced a partnership with RegTek.Solutions,a leader in regulatory compliance technology, to deliver Reconcile.Trade, amanaged service that provides independent, turnkey reconciliations thatdirectly address regulators’ demands for the proactive oversight of trade andtransaction reporting.
The joint service combinesRegTek.Solutions’ specialized trade and transaction reporting software andmarket expertise with SmartStream’s leading reconciliations platform, to offercomprehensive, ‘regulation-aware’ reconciliations that are pre-integrated withleading trade repositories (TRs), approved reporting mechanisms (ARMs) andnational competent authorities (NCAs). Regulators now require reporting firmsto have ‘arrangements’ and ‘mechanisms’ for the reconciliation of internal datawith the data reported to regulators via TRs or ARMs. Reconcile.Trade deliverson this requirement with ‘completeness assurance’, the identification of over-or under-reporting, including duplicates, as well as ‘accuracy assurance’, thematching of all individual reporting data attributes required by the variousglobal regulations.
Reconcile.Trade not only identifiespossible compliance breaches and control breaks, it delivers the powerfulworkflow tools of TLM® Reconciliations Premium, the latest versionof SmartStreams market leading platform, required to drive root cause analysisand to orchestrate the efficient resolution of issues, while providing therequired security, audit trail and data retention solutions.
This offering is designed tocoincide with the MiFID II / MiFIR regulations which will be taking effect inJanuary 2018. An integral part of the regulations are the European Securitiesand Markets Authority (ESMA) demands for robust control and oversight,including visibility into all reconciliations at a detailed attribute level.
For many reporting firms, MiFIRrequires a 3-way reconciliation between the front-office systems, ARM and NCA.Direct reporting firms will require reconciliations between front-officesystems and their relevant NCA. Reconcile.Trade delivers these reconciliationoptions on the proven, scalable TLM® Reconciliations Premiumplatform while the RegTek.Solutions service-level agreement ensures trusted,ongoing maintenance of these reconciliations. Any changes to reporting fields,formats, layouts or communication with ARMs and NCAs are fully maintainedwithin Reconcile.Trade, significantly reducing the change management overheadfor reporting firms.
The service can be delivered assecurely hosted, software as a service (SaaS), or installed in a clientsprivate infrastructure (Local).
Haytham Kaddoura, CEO, SmartStreamcommented, “We are very excited to be working with Regtek.Solutions ondelivering a full end to end offering for the client base to enable a truecontrol framework for the ever increasing regulatory requirements our clientsare now facing. By bringing together the expertise of both companies itsignificantly lowers the cost challenges to meeting these requirements bothlocally and globally.”
Brian Lynch, CEO, RegTek.Solutionssaid, “The regulatory intelligence and understanding that goes intoreconciliations gives firms the confidence and quality of control that theyneed. RegTek.Solutions is expert in the data, formats, messages and reportsrequired for trade and transaction reporting, in order to provide a world-classreconciliation platform we needed an expert reconciliations partner.” Lynchcontinued, “Smartstream is that partner, they have a tremendous marketfootprint, they have been offering rich, scalable reconciliations for decadesbut, most importantly, they have delivered a level of commitment to thispartnership that shows that we can trust them. Our clients put a lot of trustin us and they can trust this alliance to deliver and maintain their globalreporting reconciliation needs.”
Kurt Eldridge, Head of Global Sales,SmartStream, said, “Providing a robust, systemic reporting platform to achieveaccurate reporting is one of the most crucial areas for all participants in theindustry to address over the coming year. The implication of failure withinthese areas can lead to significant fines, negatively impact trading andheavily impacting client reputation.” Eldridge continued, “Partnering withRegTek enables us to deliver a unique managed service that enhances customervalue with a single entry point for all of their control requirements. Bycombining the scale and size of the world’s leading reconciliations platformwith the deep regulatory experience of Regtek.Solutions we have created acompelling offering both for today and for tomorrow no matter what regulatorychanges come our way.”
*Source: AETOS Wire