News Bytes

Lombard Risk Creates Dodd-Frank Act Engine Solution

Lombard Risk Management plc, global provider of integrated collateral management and liquidity, regulatory and MIS reporting solutions for the financial services industry, has created a Dodd-Frank Act Engine solution, designed to address Title VII “Wall Street transparency and accountability – regulation of the OTC swaps markets” issue.

The Dodd-Frank Act Engine solution requires reporting swap data throughout the lifecycle of the trade providing real-time public dissemination and confidential regulatory use. The deadline for the first set of financial products covering CDS/IRS is July 2012, with other asset classes, such as Equities and Commodities, to follow later in the year.

After working with several large global banks in the United States and Europe to analyse the impact of this regulation on their businesses, Lombard Risk has developed the solution to enable firms to meet the regulatory requirements relating to Title VII.

Chief Technology Officer of Lombard Risk, Nick Davies, said, “The regulators are demanding all information reported 'as soon as technologically practicable' and there is significant focus on real-time which may cause real issues for firms with silos of data. The Lombard Risk Dodd-Frank Act Engine is a rules-based, workflow technology and software solution that meets both real-time and event-driven reporting to the regulators, automatically collating and mapping reportable data from different source systems, keeping firms that use the solution compliant with SEC and CFTC rules and giving added benefits for internal management information and reporting.”

Chief Executive Officer of Lombard Risk, John Wisbey, added, “As a result of our quality work and valued experience in the regulatory and collateral management areas with our U.S. clients, they turned to us as their solution provider to this new regulatory issue. We do not however see this as a U.S. problem only – European regulators are on the same track, with EMIR and MiFID2, expected to be operational towards the end of 2013, and our technology is designed with that in mind. The Dodd-Frank Act regulations affect European and other foreign banks in the U.S. that are active in derivatives and, as the top supplier of regulatory reporting solutions to foreign banks in the U.S., we believe we are best placed to serve our clients’ needs.”

lombard

News Bytes

The Central Securities Depository arm of SIX Securities Services – SIX SIS Ltd – swept the board in the latest awards for Global Custodian’s industry benchmark Agent Banks in Major Markets Survey. It is now recognized as the leading provider of International (cross border) CSD services for Europe, and for CSD services in its home market of Switzerland.

News Bytes

A joint report by Broadridge Financial Solutions and the Economist has been launched today announcing the findings of a global survey of over 400 high level executives, assessing recent operational changes among financial institutions.   The survey, conducted by the Economist Intelligence Unit found that 77 percent of institutions are altering their business models as a result of the recent changes in regulations and market structure.   The status of the Chief Operating Officer (COO) has also been enhanced within the C-suite.

News Bytes

Issues around MiFID II's requirement to synchronise clocks

by Anne Plested

MiFID II introduces the requirement to synchronise the business clocks of trading venues and their customers, standardising the recorded time on post-trade data, transaction reporting and, most importantly, order event auditing.

News Bytes

ESMA adds Keler CCP to the list of authorised CCPs under EMIR

The European Securities and Markets Authority has updated its list of Central Counterparties that have been authorised to offer services and activities in the Union in accordance with the European Markets Infrastructure Regulation. With the authorisation of Keler CCP, there are now nine CCPs authorised under EMIR.

News Bytes

BNY Mellon names Taiber as country exec for Germany

BNY Mellon said Werner Taiber was appointed as country executive for Germany in addition to his role and responsibilities as CEO of Meriten Investment Management, a specialist investment boutique of BNY Mellon.

News Bytes

BlueBay chooses Confluence for regulatory data solution

Confluence said BlueBay Asset Management chose its Unity NXT regulatory reporting solution to automate its data reporting processes.