RegRecon is intended to address the regulatory requirement for institutions to establish a process for identifying and resolving data discrepancies. It is also intended to improve match rates and to make reporting more accurate.
Through automating trade matching, break management and reconciliation, the tool allows institutions to gain a better understanding of their exposures, meaning they can better monitor risk and manage collateral. It can also connect directly to trade repositories and counterparties, allowing for confirmation responses as well as end-of-day reports.
It can be used either as a standalone solution, as a managed service, or as part of the Sapient Global Markets CMRS reporting platform.
Arun Karur, vice president of Sapient Global Markets, said: “Many of the traditional ways of working with data, particularly in post-trade processing for trade reporting and portfolio reconciliation, are inconsistent and uneconomic, posing a significant compliance risk.”
He added: “[RegRecon] provides deeper insight into all trade discrepancies and simplifies resolution tracking of all changes and messages between the middle office and counterparties. It improves reporting accuracy, mitigating the risk of non-compliance while also saving time, money and effort for a function that offers firms no competitive advantage.”