From 1 January 2017, the Israeli central bank is implementing mandatory reporting of foreign exchange, index-linked and interest rate derivatives transactions, including conversion transactions between the Israeli shekel and any foreign currency.
The new rules will apply to any bank that has conducted a daily average of $15 million or more in these types of transactions over the last 12 months.
Sapient’s CMRS platform has been updated to identify reportable trades, convert the relevant data and populate the correct field required by the regulation.
Connecting directly to the Bank of Israel’s Cyber-Ark repository, it will send end-of-day reports, an end-of-month valuation of active trades and an end-of-month report of all transactions executed, all as XML files.
Arun Karur, vice president and Sapient Global Markets, said: “We have seen a significant number of client and market participants, both buy- and sell-side, as well as custodians, requesting support for Bank of Israel reporting.”
“Sourcing the trade data, testing report templates for completeness and accuracy, and ensuring transmission requirements to existing in-house platforms is a large undertaking.”
The CMRS platform is designed to be flexible with regards to new regulations and updates to exiting rules and can accommodate various different destinations. It is intended to provide banks with a responsive, cost effective and sustainable method for managing various different reporting requirements.