Abide Financial unveils EMIR compliance tool
Regulatory compliance services firm Abide Financial has released a new service to help firms comply with the European market infrastructure regulation (EMIR) alongside the firm's existing reporting tool.
Clients will be able to send raw data to Abide, who will extract necessary information before sending it to regulators.
The service will operate across financial and non-financial counterparties in OTC and exchange-traded derivatives trades to prepare and comply with the new rules, which started coming into force on a rolling basis from March, increasing post-trade requirements for market participants.
"The full scope of the EMIR rules is still being hammered out, meaning that many 'off the shelf' products will become quickly outdated, creating a real compliance headache. At Abide, we work with raw data, which allows us to tailor our solution at any time without inconveniencing our clients, whether they need MiFID or EMIR compliance reporting, or indeed both," Chris Bates, from Abide, said.
SunGard releases new regulatory compliance platform
Financial technology provider SunGard has launched its Protegent Compliance Platform to help financial firms streamline regulatory compliance management.
The platform integrates existing compliance solutions and will improve management of market abuse, conflicts of interest, best execution and trade cost analysis.
"SunGard's consolidated Protegent Compliance Platform helps our customers achieve a competitive advantage by being able to respond more quickly to regulatory inquiries and audits such as providing evidence of review and other requested data without causing a costly and disruptive drain in resources," said Steve Sabin, COO for SunGard's Protegent business.
Rate Validation Services launches OTC benchmark service
Provider of evidence-based benchmarks, Rate Validation Services, has launched its Qualitative Evidential Data (QED) service for benchmarking OTC instruments and interest rates.
The service offers scaleable benchmark services and automates the collection and calculation of data. It then sends the benchmark data to the contributing bank in the format of the bank's choice.
"Our new platform is a significant step in the evolution of benchmark provision, providing certainty to financial markets through benchmarking services based on evidential data," Kevin Milne, CEO of RVS, said. "In particular, the automation of data collection through the RVS QED service reduces the risk of malpractice and manipulation of benchmark rates, improves capital efficiency and provides greater confidence in the financial markets."
Nasdaq OMX partners with Smarsh for archiving and compliance
Nasdaq OMX will offer its clients greater hosted archiving and compliance tools across email and electronic communications through a partnership with technology provider Smarsh.
New tools offered to Nasdaq OMX clients will sit alongside its SMARTS market surveillance and compliance solutions which provide real-time, cross asset class surveillance. Customers will be able to fine-tune compliance and risk management activities and correlate trading data with employee and customer communication such as email, instant messages, mobile messages and social media posts.
"As we continue to address how to manage ever increasing volumes of data, regulators are also recognising the importance of risk management and surveillance across broader data sets," said Paul McKeown, vice-president of market technology, NASDAQ OMX.
NYSE Technologies appoints new global head of infrastructure solutions
The technology arm of market operator NYSE Euronext, NYSE Technologies, has appointed Varghese Thomas as senior vice-president, global head of infrastructure solutions.
Thomas will drive the development of financial hosting, network and managed services products and will report to COO Terry Roche.
"As an industry, we find ourselves at a tipping point where legacy operating models are no longer sustainable and firms are actively seeking more effective ways to collaborate on a range of important infrastructure services," said Jon Robson, CEO, NYSE Technologies. "At NYSE Technologies, we are using our global scale, connectivity and comprehensive service offerings to help the industry more efficiently control their total cost of ownership and long-term technology roadmap. Varghese and his team are a key part in the delivery of that value proposition."