GFI Group has selected Lombard Risk REPORTER for EBA Common Reporting for its operations in the UK and for those of its subsidiary, Kyte Group.
Lombard Risk REPORTER is an end-to-end regulatory reporting solution for the global financial services sector that will provide GFI Group with the XBRL format reporting mandated by the regulators.
The need for XBRL reporting was determined by an EU directive that came into force on January 2014 and, starting May 2014, requires that all submissions of regulatory returns in Europe to be performed in XBRL (computer code) format.
Darryl Denyssen, finance director for EMEA at GFI Group, said: “Following the EU directive requiring FCA regulated firms to submit their prudential returns in XBRL format, GFI Group has chosen to partner with Lombard Risk in meeting this new requirement.
We reviewed a number of potential solutions for XBRL reporting and firmly believe that Lombard Risk’s REPORTER offering was best suited to our needs. Along with being a highly cost effective offering, we were particularly impressed with Lombard Risk’s knowledge and experience in this field, along with their commitment to providing a high quality and personalised support service.”
GFI Group was founded in New York in 1987 and provides hybrid brokerage services in a multitude of global OTC and exchange listed cash and derivatives markets. GFI has developed trading technologies that have allowed for the introduction of new electronic market places and trading protocols across all asset classes.
