Regulatory reporting specialist Abide Financial and real-time data analytics company Corvil today announced a partnership to deliver end-to-end transaction reporting and reconciliation solutions to meet increasingly complex international regulations. The partnership enables reporting parties in UK, Europe, US, Canada, Australia and other jurisdictions to reduce risk and achieve faster, more accurate compliance with current and evolving international regulatory regimes.
The recent UK referendum cast a shadow over the position of the UK, its relationship to the EU and the Single Market / European Economic Area. However, the foreseeable future is fairly certain: MiFID, MiFID II, EMIR, ASIC, MAS and Dodd Frank reporting obligations are pertinent, with change (if any) not likely until the second half of 2018.
The partnership offers market participants a complete solution from collection of trade transaction data, normalisation and enrichment across systems and asset classes, to error-checking, reconciliation and publishing of final reports. The solutions offer accurately clock-synchronized, nanosecond-precision timestamped trade transaction data from Corvil directly to the Abide Financial reporting hub. An additional joint risk reduction solution includes reconciliation of middle/back office transaction data with a detailed record of each order message actually sent and received.
The offering ensures seamless integration of the UTC time-synchronized transaction data requirement into Abide’s end-to-end multi-regime reporting service The partnership helps clients lower regulatory tail risk of non-compliance and forensic mis-audit.
David Murray, Chief Business Development Officer at Corvil said:
We are excited to bring our innovative, proven technology to this collaboration with Abide Financial to provide clients with a robust, complete solution for faster, easier compliance with various regulatory requirements, including those of MiFID II. We are pleased to be integrating our UTC time synchronized transaction capture with the Abide Financial hub to deliver a valuable and innovative solution to meet a diverse and evolving set of compliance needs and to enable a rich transaction database for use beyond regulatory needs.
Chris Bates, Chief Commercial Officer at Abide Financial’s opinion:
It is with great pleasure that we are launching this joint initiative with Corvil. Regardless of the outcome of negotiations between the UK Government and EU Commission, Abide Financial remains perfectly positioned to ensure that reporting parties subject to international regulatory regimes meet their compliance obligations. This partnership truly demonstrates that Abide Financial doesn’t just provide a transaction processing conduit, but a fully managed and end-to- end regulatory reporting service that brings significant benefits and future proof assurance to our clients.’
Importantly for market participants, integrating Corvil’s timestamped transaction data capture and analytics with Abide Financial’s regulatory reporting service reduces the cost of meeting RTS 25 rules, minimizes changes to internal systems and reduces implementation complexity. The service ensures enhanced control and optimised resources of reporting process for joint clients.
Abide Financial and Corvil have already observed demand for the service from joint clients and as a result have started provisional implementations. Furthermore, the two companies are hosting an event in September in London to further educate clients on how both firms can help reporting counterparties meet latest regulatory requirements.