City of London-based Gresham Computing plc, a provider of transaction control solutions, reports the launch of Clareti Transaction Control (CTC) Transaction Reporting.
The CTC Transaction Reporting solution allows a financial institution to “verify and validate that trades reported to trade repositories comply with the requirements of regulations for eligible trades under Dodd Frank, EMIR, REMIT, G20, MiFID and MiFIR,” Gresham says, specifying that the solution can “deal with multiple regulations and reporting entities concurrently.”
The new offering includes “pre-defined rules” that allow “multiple sources of internal data to be compared, validated and verified, so that the correct information is delivered to regulators and registered reporting mechanisms, in the required format, with all of the associated rules applied,” officials say.
The new solution also validates, in real-time, “the integrity of the data held in all financial institutions’ systems from the front and back office through to the exchange. It checks that the transactional information recorded in the organisation’s internal books and records matches the trade repository view,” officials say.
“The old days of sending transaction reports to the trade repositories and hoping they are accurate have gone,” Chris Errington, Gresham CEO, says in a prepared statement. “The regulators require accuracy and are starting to validate the information that is sent to the approved reporting mechanisms (ARMs), as demonstrated by some recent high-profile cases involving fines and public criticism of major institutions. The ability to deploy CTC in days allows clients to adapt to the ever changing regulatory landscape quickly and cost effectively.”
The CTC solution is “particularly adept in handling non-standardized data sets, such as [over-the-counter] derivative transactions, which can involve the matching of data formats over 1,000 columns wide,” according to the statement.
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