REGIS-TR and TriOptima will provide portfolio reconciliation of REGIS-TR’s trade repository data with data in TriOptima’s triResolve reconciliation service for OTC derivatives as requested by their clients.
With the impending regulatory deadlines in Europe for both trade reporting and portfolio reconciliation, companies affected by the new rules are currently seeking solutions for both requirements. By 15 September, financial and non-financial firms will have to start reconciling their OTC derivatives portfolios; and trade reporting will begin on 1 January 2014 under ESMA’s rules.
REGIS-TR has seen its client base double in a three-month period with over 400 pilot customers testing transaction reporting. TriOptima’s triResolve portfolio reconciliation platform is used by over 425 institutions and reconciles eight million transactions, most daily.
Cooperation between REGIS-TR and TriOptima will assist their mutual clients in meeting regulatory obligations and operational goals efficiently. Open access and interoperability among service providers are key to success in the new market reality of multiple reporting venues and dual side trade reporting under EMIR.
Data integration with REGIS-TR will enable triResolve clients to verify and reconcile transactions submitted to the repository and leverage triResolve’s resolution workflow to quickly identify and address any exceptions. In the future functionality may be expanded to meet additional reporting and operational demands.
“A large cross section of European financial institutions and corporates will appreciate the functionality offered through this new collaboration to solve their trade reporting and reconciliation requirements efficiently,” says David Retana, REGIS-TR’s managing director. “Since November 2012, REGIS-TR has provided customers with a reporting environment where they can test, understand, and implement before actual go-live deadlines under EMIR; and this enhancement will offer significant benefits.”
“Assisting our clients with verification and reconciliation of portfolio data submitted to REGIS-TR is another step towards data accuracy and workflow simplification,” says Raf Pritchard, chief executive of triResolve. “Cooperating with REGIS-TR is part of TriOptima’s strategy to connect to multiple platforms across the OTC derivatives landscape including central clearinghouses, confirmation platforms, repositories, and other emerging providers of trade processing and data store functionality.”
