Münchener Hypothekenbank eG (MünchenerHyp) has chosen Finastra’s regulatory reporting solution to meet the post-trade transaction and transparency reporting requirements of the second Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).
Finastra’s regulatory reporting solution reports all relevant instruments from the Fusion post-trade systems at MünchenerHyp to the approved publication arrangements and approved reporting mechanism repository services.
These are then transmitted to National Competent Authorities for validation.
By integrating the solution with its front-office Fusion post-trade trading system, MünchenerHyp now has an end-to-end platform with the ability to support regulations such as European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) in the future.
MünchenerHyp worked closely with Finastra and local implementation partner, Finbridge, to deliver the project ahead of the MiFID II go-live in January.
Robin Welsch, head of IT applications, capital markets and treasury at MünchenerHyp, said: “MiFID II was not just a compliance exercise for us. It also brought major strategic implications and required major changes to almost all aspects of capital markets trading.”
Thomas Raab, IT coordinator for the MiFID II implementation at MünchenerHyp, said: “Finastra’s regulatory reporting solution delivered all the standard interfaces we needed right out of the box, meaning that we didn’t have to dedicate too many internal resources to develop for our existing post-trade application.”
He added: “This saved us money and made for a quick and straightforward deployment, which was crucial as we had a very strict timeline for MiFID II compliance. Moreover, we now have an option to rely on this solution for ongoing reporting.”
Pedro Porfirio, global head of capital markets at Finastra, said: “MiFID II is fundamentally transforming capital markets trading across the whole of the EU. While the financial penalties for non-compliance can be steep, the bank’s reputation is also at stake.
It’s essential that banks put robust and efficient systems in place to comply with regulations while servicing their clients effectively.”
