Frankfurt, March 18, 2013 – The international management and technology consultancy BearingPoint (www.bearingpoint.com) has developed a new solution to enable compliant derivatives reporting across the EU: the software application “ABACUS/TR”.
The introduction of EMIR, the European Market Infrastructure Regulation, has led to a new approach in derivatives regulation and a substantial reporting burden. EMIR requires all derivative contracts be reported to trade data repositories from July 2013 onwards. Following publication of the “Technical Standards”, in September 2012, the European Securities and Markets Authority (ESMA) developed an extensive catalogue of data to be reported and only the tightest timetable for implementation. Affected are all listed and non-listed companies and financial institutions. The bandwidth of derivatives varies depending on the company from a few hundred to a six-figure amount, which has to be reported on a daily basis, including all modifications. Thus, to be compliant, a very high data quality as well as IT infrastructure is required. Overseeing compliance with these new reporting requirements has been transferred by ESMA to the relevant national authorities. ABACUS/TR is created to meet the client needs and fully comply with the new regulatory reporting framework.
Jürgen Lux, Partner at BearingPoint, said: “Preparing for EMIR is a massive task for the derivatives industry. The changes are EU-wide and affect companies and financial institutions 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 companies 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” and roll-out began with pilot customers in February 2013. Based on established ABACUS technology, BearingPoint offers these products as independent solutions to its clients.
BearingPoint delivers business consulting with management and technology capabilities. As an independent firm with European roots and global reach BearingPoint serves leading companies and public sector organisations world-wide to align and optimise processes, IT and operating models with business strategy. Driven by a strong entrepreneurial mindset and desire to create long-term partnerships, BearingPoint’s consultants are committed to delivering excellence and value to their clients. The firm’s approach to working with clients is highly collaborative and designed to improve business performance, from strategy through to execution. BearingPoint currently employs 3,500 people in 16 countries.
For more information, please visit: www.bearingpoint.com