Deutsche Borse and RegTek.Solutions have launched a pre-validation service for clients of Deutsche Borse’s regulatory reporting hub.
The service will be available from Q4 this year, and it will address feedback from clients and regulators regarding ongoing challenges with the quality and transparency of reporting under the Markets in Financial Instruments Regulation (MiFIR).
Additionally, the new pre-validation platform will be available to over 2,300 executing entities which are using Deutsche Borse’s approved reporting mechanism (ARM) service.
According to Deutsche Borse, it will add enhanced testing and data quality remediation capabilities, as well as pre-submission validations.
It will do this for all of the transactions destined for any of the 25 National Competent Authorities (NCA) to which Deutsche Borse is connected.
Meanwhile, it will also support validations including regulation-specific validations, repository acceptance criteria, messaging standards, enhanced quality validations, and best practices.
As well as this, it will enable firms to write and customise their own proprietary rules, avoiding a one-size-fits-all scenario, Deutsche Borse revealed.
Georg Gross, head of regulatory services at Deutsche Borse, commented: “We are now able to offer our clients an additional service, which pre-validates their data before being sent to the Regulatory Reporting Hub.”
“The result is a significant improvement in the quality of data we receive and submit for validation. The pre-validation process will allow our clients to identify any deviation from ESMA’s guidelines even earlier in the life cycle of their transactions.”
Brian Lynch, co-founder and CEO of RegTek.Solutions, said: “Reporting quality is a significant challenge for clients complying with MiFIR transaction reporting. ARMs help by offering a range of regulatory, client-agnostic and market-standard validations,”
“Our new service offers a bespoke version of Validate.Trade to Deutsche Börse clients before the oversight of regulators. This allows clients to proactively test, monitor and prove the quality of their reporting before the process is completed.”
