The Depository Trust & Clearing Corporation (DTCC) has acquired Publicis Sapient’s Compliance Management Reporting System (CMRS), which will be integrated with the DTCC reporting hub service to “create the industry’s most comprehensive pre-and-post-trade reporting solution”.
The enhanced DTCC reporting hub service will provide an extensive suite of pre-and-post-trade reporting capabilities with the largest jurisdictional and regulation coverage, including for the second Markets in Financial Instruments Directive (MiFID II), and other mandates in the US, Europe, Canada, Australia, South Korea and Hong Kong, among others.
DTCC will integrate CMRS with the existing DTCC Report Hub service immediately and the expanded solution will interface with registered trade repositories and an approved reporting mechanism (ARM), allowing firms to access a wide range of services, including pre-reporting facilitation, report generation and submission, automated reconciliation, and data analytics creation.
DTCC says Publicis Sapient will serve as a strategic partner and continue to support, maintain and develop enhancements to the technology platform.
Firms using the newly-expanded DTCC reporting hub will have the ability to manage derivatives, MiFID II, and the Securities Financing Transactions Regulation (SFTR) pre-and post-trade reporting requirements via a unified, single-vendor platform, allowing them to mitigate compliance risks, enhance operational efficiencies and reduce costs.
Currently, the hub service helps eliminate the need for firms to build and support expensive in-house data management capabilities and systems that can comply with changing regulatory requirements, says DTCC.
Randall Orbon, head of strategy at Publicis Sapient, says: “The combined trade reporting and consulting experience that DTCC and Publicis Sapient contribute to the existing technology platform will create a single, highly efficient, evolving, comprehensive reporting solution that will help clients manage the complexities of meeting multiple regulatory mandates across jurisdictions.
“Publicis Sapient engineered CMRS to act as an accelerator, and we’ve seen the platform develop a proven record of successfully supporting adherence to ever-evolving global reporting regulations.”
DTCC states that it will continue investing in further expanding the reporting hub service to meet clients' needs as regulations continue to evolve globally.
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