Companies and financial institutions are implementing ABACUS/TR to fulfill their reporting requirements
Frankfurt, August 28, 2013 – The EMIR regulatory changes require all over-the-counter (OTC) derivative contracts to be reported independently from clearing from January 1, 2014, leaving a very tight timetable to fulfill the new reporting regime.
International management and technology consultancy BearingPoint (www.bearingpoint.com) has created an independent standard software solution to enable derivatives reporting fully compliant with the European Market Infrastructure Regulation (EMIR). “ABACUS/TR”, which runs as a software application, has been developed and tested by BearingPoint software engineers over the past year. The program supports companies and financial institutions to be fully compliant with the new rules from day one.
EMIR legislation requires market participants to report all trades across asset classes to a central trade repository. These trade repositories are legal entities that collect and maintain records of contracts with the aim of improving transparency in derivative markets. Information retained include trade participants as well as conclusion, modification or termination of the contract. ABACUS/TR from BearingPoint offers an appropriate solution to report derivative trades to the repositories DTCC GTR and REGIS-TR.
Jürgen Lux, Partner at BearingPoint, explains: “Preparing for EMIR is a massive task for the derivatives industry. The changes are EU-wide and affect financial institutions as well as companies in both the private and public sectors. The effort involved in creating these transaction reports should not be underestimated - depending on the class of derivatives up to 100 pieces of data are required. Additionally, feedback from the trade repository must also be processed. ABACUS/TR sets a new standard in transaction reporting, using software that fully addresses the complex reporting requirements of EMIR. The standard software package will enable market participants to become compliant in derivatives reporting in the very tight time frame available.”
“TR” is BearingPoint’s third regulatory reporting software product after “DaVinci” and “Solvency II”. Based on established ABACUS technology, BearingPoint offers these products as independent solutions to its clients. During the last couple of months BearingPoint established “TR” as a standard software solution in the field of EU derivatives reporting. An extension of “TR” to enable REMIT (“Regulation on wholesale Energy Market Integrity and Transparency”) compliant transaction reporting is planned in 2014 as soon as the requirements have been sharpened by the regulator.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our 3350 people, together with our global consulting network serve clients in more than 70 countries and engage with them for measurable results and long-lasting success.
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