Gresham Computing has developed a new service ensuring firms are reporting the correct information to trade repositories to meet new regulatory mandates.
Since new reporting rules came into force, many reports have been filed incorrectly, failing to give regulators the necessary information to increase transparency in the financial markets.
Following a grace period, regulators are now clamping down on reporting errors, meaning buy-side firms are having to ensure the accuracy of their reports.
“The old days of sending transaction reports to the trade repositories and hoping they are accurate have gone,” said Chris Errington, CEO, Gresham Computing.
“The regulators require accuracy and are starting to validate the information that is sent to the Approved Reporting Mechanisms, as demonstrated by some recent high profile cases involving fines and public criticism of major institutions.”
Gresham’s Clareti Transaction Control (CTC) has a set of pre-defined rules allowing data to be validated and verified before being sent to repositories.
The solution enables firms to meet regulatory requirements under Dodd-Frank, MiFID II and the European Market Infrastructure Regulation.