Sapient Global Markets has launched a cloud-hosted version of its Compliance Management and Reporting System (CMRS).
CMRS allows firms to collate vast amounts of data from disparate systems, apply reporting eligibility logic, translate it into the destination message format, and deliver it directly to swap data repositories (SDRs) such as The Depository Trust & Clearing Corporation (DTCC).
Sapient Global Markets will offer CMRS as a cloud-based solution that enables firms to quickly build, deploy and manage applications across a global network of data centres. CMRS directly addresses OTC swaps data reporting requirements from regulations including the Dodd-Frank’s Title VII, European Market Infrastructure Regulation (EMIR) and the Regulation on Energy Market Integrity and Transparency (REMIT).
In this age of new regulatory requirements, many banks no longer want to run, support and maintain technology and prefer the speed and flexibility of cloud solutions. As a hosted solution, CMRS establishes a common enterprise platform to manage and publish reporting requirements to various regulatory agencies. It enables customers to configure reporting rules, manage varied data sources, apply filtering, exception and aggregation rules and configure destination reports in the required format.
“The global regulatory overhaul of recent years caused compliance initiatives, and thus the need for compliance technology,” says Sang Lee, managing partner, Aite Group. “A good compliance platform must navigate many challenges in order to generate accurate and consistent alerts as well as the specific key features a system must have in order to remain competitive.”
Designed for firms doing business across borders, CMRS connects to all major trading and risk management systems that process high volumes of swaps and other OTC products. It is SDR agnostic and is the only system to date that collects and normalizes data from multiple sources before transforming it into formats accepted by regulatory reporting destinations. It is this end-to-end capability that ensures firms concerned with swap data reporting have a single view of compliance regardless of operating model and required reporting venue.
“The emerging global regulatory picture for portfolio and investment management requires greater efficiency in operations and client servicing, both in Europe and in the US,” says Arun Karur, vice president, Sapient Global Markets. “Our hosted offering for CMRS enables our clients to quickly and cost-efficiently centralise their external communications and compliance efforts to achieve a single view of their compliance status. This functionality combines a streamlined method for identifying trades to be reported and translate data from multiple sources into the format required by each of the different regulators.”