Bloomberg has acquired RegTek.Solutions as part of its strategy to expand its suite of regulatory reporting and data management services.
The deal will see RegTek.Solutions, which provides software for firms to meet reporting requirements, integrated with Bloomberg’s regulatory reporting hub (RHUB) and its data and trading systems. Terms of the acquisition were not disclosed.
Bloomberg said the deal brings the expertise of both firms together to form a systemic service, combining its data enrichment and reporting capabilities with RegTek.Solution’s quality and control tools across various reporting jurisdictions.
“The combination of RegTek.Solutions with Bloomberg RHUB allows us to substantially expand our regulatory reporting coverage, and offer quality and control tools to help our clients effectively meet the wide range of global reporting requirements,” said Alejandro Perez, global head of post-trade solutions at Bloomberg.
“As regulations become more complex, buy- and sell-side firms are looking for providers who can help them address requirements across various jurisdictions, with the necessary workflows and data structure that allows firms to maximise overall accuracy and completeness in their regulatory processes.”
Upon completion of the integration, clients will gain access to an electronic reporting workflow, including transaction reporting eligibility, data validation, enrichment and reconciliation, in a bid to provide more accurate and complete reporting.
“Combining our solutions with the strength and scale of Bloomberg’s RHUB services, as well as access to their market data, enterprise data management, analytics and enrichment capabilities will allow us to offer the cross jurisdictional, cross asset solutions that our clients demand. We can now continue to deliver sustainable compliance at a scale that will have a fundamental market impact,” said Brian Lynch, CEO and co-founder of RegTek.Solutions.