Management and technology consultancy BearingPoint has enhanced its ABACUS/Transactions product, a module-based standard software solution for transaction reporting, by incorporating an MiFIR module to facilitate compliance with the regulatory reporting requirements under MiFID II/MiFIR.
The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) take effect on 3 January 2018.
In the aftermath of the financial crisis, a new legislative framework was designed to significantly extend the applicable transparency guidelines under MiFID I and to stabilise and realign the infrastructure of financial markets.
The MiFID II/MiFIR transaction reporting covers an immense product range, uses complex reporting logic and requires the delivery of personal data with a high level of granularity and consistency with other regulations, such as EMIR. The reports have to be submitted at the end of the business day following the transaction day (t+1).
Robert Bosch (pictured), partner at BearingPoint, says: “Ensuring readiness for MiFID II/MiFIR implementation is one of the biggest challenges institutions are facing in 2017, especially when taking into consideration the complexity and tight timeframe. Our response to this challenge has been to extend our ABACUS/Transactions solution with the MiFIR module to facilitate MiFID II/MiFIR reporting. In light of the other upcoming transaction-based reporting obligations, such as EMIR amendments, SFTR reporting and others, it is essential for firms to think strategically about forming a holistic view across different regulations. ABACUS/Transactions provides the industry with a standard regulatory reporting solution to assist firms in fulfilling their transaction-based reporting requirements with only one tool.”
