Smartstream launches enhanced derivatives data service
13 March 2024 UK
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SmartStream Reference Data Services (RDS) has launched an enhanced derivatives data service in an effort to provide in-depth insights into futures related transactions.
RDS aims to use its trade lifecycle expertise and resources to provide accurate data and customised regulatory operations tailored to each financial institution, ensuring compliance with the new European Market Infrastructure Regulation (EMIR) Refit standards.
The EMIR Refit initiative is geared towards enhancing transparency and stability in the over-the-counter (OTC) derivatives trading market, set to take effect in April for Europe and September for the UK.
Financial institutions are actively seeking reliable and efficient methods to manage their securities reference data to meet these new requirements.
Additional attributes will be integrated into the RDS’s Listed Derivatives service and a standalone OTC Derivatives service to support the full spectrum of reference data that is needed for commodity transactions under the new EMIR regulation, the firm says.
Linda Coffman, executive vice president of SmartStream RDS, states: “The main challenges posed by this regulation includes completing the numerous new reportable fields for commodity and energy derivatives.
“Also to protect firms from poor quality and inaccessible data, in addition to addressing regulators' demands for increased complexity within certain commodity and energy contracts. My advice to all market participants is to be prepared and deploy the necessary technology to ensure the highest data quality to mitigate the risk of fines and reputational damage.”
RDS aims to use its trade lifecycle expertise and resources to provide accurate data and customised regulatory operations tailored to each financial institution, ensuring compliance with the new European Market Infrastructure Regulation (EMIR) Refit standards.
The EMIR Refit initiative is geared towards enhancing transparency and stability in the over-the-counter (OTC) derivatives trading market, set to take effect in April for Europe and September for the UK.
Financial institutions are actively seeking reliable and efficient methods to manage their securities reference data to meet these new requirements.
Additional attributes will be integrated into the RDS’s Listed Derivatives service and a standalone OTC Derivatives service to support the full spectrum of reference data that is needed for commodity transactions under the new EMIR regulation, the firm says.
Linda Coffman, executive vice president of SmartStream RDS, states: “The main challenges posed by this regulation includes completing the numerous new reportable fields for commodity and energy derivatives.
“Also to protect firms from poor quality and inaccessible data, in addition to addressing regulators' demands for increased complexity within certain commodity and energy contracts. My advice to all market participants is to be prepared and deploy the necessary technology to ensure the highest data quality to mitigate the risk of fines and reputational damage.”
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