We have mentioned time and time again how the start date for the European Market Infrastructure Regulation (EMIR) new reporting rules is fast approaching, as in fact only ten days remain until its coming into force. This means that all European firms which deal with derivatives will have to quickly gain access to tailor made solutions which will provide them with the necessary relevant reporting tools. We have also previously talked here about one such solution, namely the MAP S.Platis ERS. Today we will look at another interesting case and a reporting tool which becomes available after the fruition of a mutually beneficial strategic synergy between the trade risk processing software firm Traiana and Cyprus-based Confisio Managed Services Ltd.
This partnership comes days after another relevant development which was publicized a few days ago, and specifically on 24th January 2014, when Traina had announced its intention to open its Harmony TR platform to four trade repositories by the time of the EMIR 12th February deadline.
Traina’s Harmony TR Connect streamlines the process of reporting the details of over the counter and exchange traded derivatives to appropriate trade repositories as is the EMIR requirement, providing a single point of connection for post-trade reporting of OTC and ETD trades. The service will initially support FX, ETD and equity derivatives, while additional products will be added over time. Moreover, it supports trade reporting solutions for both the buyer and the seller in each transaction, enabling each side to report their individual trades to the trade repository of their choice, in a way that assures both the accuracy of the data reported and the full compliance to the EMIR reporting obligation for the firms that will choose to use this middleware trade reporting solution.
Andy Coyne, Traiana CEO, pointed out at the time of Traina’s connection with the ESMA approved trade repositories that : “Traiana helps financial market participants to meet global regulatory requirements and in Europe we will be able to deliver standardised and consistent trade reporting for our clients operating in the global derivatives market, no matter which trade repository they use.”
Through the collaboration of Traina, which is a well known and long established provider of pre-trade risk and post-trade processing solutions, with Confisio Managed Services, a supplier of customised turnkey solutions to the financial services industry, Confisio’s clients in Cyprus will be able to timely be fully ready to comply with all EMIR reporting obligations.
The delegated reporting infrastructure which is the result of the two firms merging will enable the clients that will choose to jump on board to keep trade repositories up to date across the trade lifecycle, especially since the solution is designed to automate the challenges around unique trade identifier sharing and legal entity identifier generation/tagging and delegated reporting for EMIR compliance.
Talking about this interesting synergy between the two firms, Christodoulos Papadopoulos, Confisio CEO, said: “Traiana allows us to fully deliver the requirements … for EMIR reporting by giving us strong back-end capabilities and business foundation, ” while Roy Saadon, co-founder of Traiana, was quick to add that: “[Our] partnership with Confisio in Cyprus reflects our overall strategy to reach a broader range of clients across Europe to help them fulfill their new regulatory obligations. Confisio delivers a competitive and efficient solution for market participants that permits proper and timely EMIR reporting and we are very pleased to be working with them.”