Northern Trust and Sapient Global Markets have launched a new solution in compliance management.
Compliance Management Reporting Solution (CMRS) will be available to Northern Trust clients and will deliver delegated reporting requirements for the Dodd-Frank Act and the European Market Infrastructure Regulation for all derivatives, including over the counter/exchange traded, cleared/bilateral and foreign exchange.
Peter Sanchez, head of Northern Trust hedge fund services, said: “We are pleased to work with Sapient Global Markets to meet the complex and evolving needs of our clients, offering them flexibility to define their own desired regulatory support model.”
“The CMRS solution will allow us to automate key derivatives processes, which will improve efficiency and reduce costs. Additionally, it will enable us to streamline reporting and speed up the data collection, transformation and submission process, helping firms minimise business risk associated with non-compliance.”
“Our leading collaboration with Sapient provides our clients a market leading front-to-back derivatives operational and regulatory support model across all global client and asset types.”
The solution imports Northern Trust’s client trade data in a single system to conduct trade reporting and reconciliation including collateral and valuation, portfolio reconciliation, and dispute workflow. C
MRS also supports the firm’s outsourcing, custodial, and fund administration functions, including investment operations outsourcing and hedge fund services.
John Southgate, head of derivatives product in Europe, Middle East and Africa at Northern Trust said: “Our clients are facing on of the most complicated regulatory environments seen in our industry to date.”
“CMRS represents a direct extension of our existing OTC derivatives middle office servicing abilities and a complimentary addition to our general compliance, custody, and collateral support offerings. Sapient Global Markets’ scalable solution will help us continue to offer holistic global support to our clients using derivatives.”
Randall Orbon, senior vice president, Sapient Global Markets, said: “Despite the February and August reporting deadlines, many buy-side firms are still figuring out how to provide the required reporting services to their clients and support their derivatives business.”
“Northern Trust is ahead of its peers because it recognised the complexity of the regulatory landscape and the value they could provide their clients with a transformative solution.”
“We have collaborated closely with Northern Trust throughout the process to understand its precise reporting requirements and help support a critical element of its post-trade reporting infrastructure.”
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