Financial services software provider Misys has built a regulatory reporting component for compliance with the second Markets in Financial Instruments Directive (MiFID II).
FusionCapital Regulatory Reporting was built in conjunction with Broadridge Financial Solutions’s Message Automation and promises to reduce the cost and effort associated with data capture and compliance.
It automates the reporting process to comply with MiFID II’s January 2018 deadline, and supports the European Market Infrastructure Regulation (EMIR) requirements around over-the-counter derivatives, as banks prepare to report by November 2017.
The FusionCapital Regulatory Reporting architecture is also scalable to accommodate new regimes, including the Securities Financing Transactions Regulation (SFTR).
Nadeem Syed, CEO at Misys, commented: “It makes sense to team up with a leading specialist provider of post-trade reporting tools [in Broadridge’s Message Automation] to bring seamless reporting to our capital markets clients.”
“It’s no secret that the industry is creaking under the weight of multiple regulations and banks need transparency and enterprise-wide consistency. FusionCapital Regulatory Reporting acts as a strategic regulatory hub. It will reduce operational risk, while helping banks to meet today’s biggest compliance challenges, without disrupting day-to-day business.”
Hugh Daly, CEO of Broadridge’s Message Automation, added: “Banks are taking this regulatory ‘opportunity’ to look at how they can consolidate all of their trade and transaction reporting needs into one solution. We’re pleased to support Misys with an end-to-end reporting platform that is capable of tackling the large data quantities required by MiFID II, brings down implementation costs and lends itself to future regulatory demands.”
Broadridge acquired Message Automation earlier this year for an undisclosed sum and revealed that its central data model is highly extensible to handle new regulations and market changes.
According to Broadridge at the time of the acquisition in March, Message Automation was actively implementing its MiFID II solution in preparation for the January 2018 deadline, already working with Broadridge on addressing self-reporting needs for buy-side firms under MiFID II, and was in advanced planning for SFTR.
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