In other FinTech briefs, the CFTC wants to talk, BBVA signs with Wolters Kluwer and CloudMargin announces a new round of funding
iPM Epic Uses Big Data Technology
Indata, a software, technology and services vendor targeting buy-side firms, has released an update of its iPM Epic software suite that offers “significant functionality enhancements” for the implementation of the Markets in Financial Instruments Directive (MiFID) II.
More than 350 changes were made to the iPM Epic software suite with new support for MiFID II, which takes effect January 2018.
The major areas for the new features are:
- Compliance enhancements: numerous user interface (UI) changes and data aggregation tools to gather data from external systems for complex compliance rule calculation and handling on a more granular level;
- Data management: The suite offers streamlined workflows for capturing and storing internal and external data across the front, middle and back-office. “The updates provide full reconciliation capability and audit trail resulting in a high level of data integrity which is essential for addressing MiFID II reporting requirements;
- And order management system (OMS) enhancements in the areas of the FIX electronic protocol, portfolio modelling and other areas related to trading across asset classes;
“At Indata, much of the work that we have done to prepare our clients for MiFID II involves the sophisticated enterprise-wide data management capabilities based on big data technology that are part of our iPM Epic solution which runs through front-middle and back office,” says David J. Csiki, president of Indata, in a prepared statement.
CFTC Extends Comment Period for Swap Dealer Capital Reqs
The CFTC is extending the comment period on its proposed capital requirements applicable to swap dealers and major swap participants for an additional 60 days, officials say.
“The original comment period was to expire March 16, 2017 … As extended, the comment period will expire on May 15, 2017,” officials say.
An official notice of the extension will be published in the Federal Register and all comments will be posted on the CFTC’s website.
BBVA to Use OneSumX for Regulatory Reporting, Liquidity Risk
The U.K. subsidiary of Banco Bilbao Vizcaya Argentaria (BBVA) will be using Wolters Kluwer’s OneSumX for regulatory reporting and liquidity risk requirements, according to bank and vendor officials.
A global bank such as BBVA needs to make certain its U.K. regulatory obligations and liquidity risk “are managed optimally,” says Marta Garcia, head of production management at BBVA in London, in a prepared statement.
The OneSumX set of solutions and services encompasses governance, finance, risk and compliance, vendor officials say.
The regulatory reporting aspect of OneSumX exploits “a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s regulatory update service,” officials add. The service is maintained by Wolters Kluwer staff, monitoring regulation in “approximately 50 countries, helping to ensure the solution is current at all times.”
The OneSumX Liquidity Risk Management solution includes a risk management/stress engine and regulatory reporting platform to help monitor, manage and report liquidity risk, vendor officials add. Other banks that have agreed to use OneSumX include Mizuho, BGFI, Taiwan Business Bank and Bank BGŻ BNP Paribas.
CloudMargin Signs Asset Manager & Closes Series A Funding
CloudMargin, a web-based collateral and margin management solution vendor, has signed an unnamed U.S.-based asset manager to help it achieve full compliance for its thousands of over-the-counter (OTC) agreements included in the new variation margin rules that took effect March 1, officials say.
“Since the beginning of 2017, CloudMargin has seen a 50 percent increase in the number of clients it serves and a quadrupling of the number of active underlying Credit Support Annex (CSA) agreements for which it manages clients’ collateral,” according to a company statement. “The new business represents CloudMargin’s most successful quarter to date in client and user base growth since its launch three years ago. As a result, the firm attracted renewed investor interest and closed a significant Series A funding round.”
The London-based vendor serves market participants on five continents, including asset managers, insurance companies, brokerage firms and banks, officials say. CloudMargin also has an extensive network of nearly 20 exchanges, clearing firms and other technology solution partners.
“CloudMargin’s rapid expansion and growth has been very positive for our portfolio, and the company is well positioned for exponential growth with the renewed focus on collateral management across the industry,” says Mark Beeston, founding partner at Illuminate Financial Management LLP and now chairman of CloudMargin. “The team, the product, the client influx and the revenue growth all made it an easy decision to further our own investment in the company.”
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