Lombard Risks REFORM platform for transaction reporting has gone live, enabling firms to meet the Dodd-Frank Act Title VIIs regulatory deadline for trade reporting of FX, commodities and equities.
The regulation stipulates that financial institutions must report details of specific trades to the appropriate trade repository and notify any amendments for the duration of the trade, with all information to be reported as soon as technically practicable, from T+15 minutes to T+1 day.
There are various deadlines for compliance depending on asset class; February 28 was the deadline for FX, commodities and equities.
REFORM assists firms in meeting the requirements with real-time global transaction processing and reporting to multiple swap data and trade repositories.
Lombard Risk says it has been working with several financial institutions to implement REFORM for transaction reporting for Dodd-Frank as well as European Market Infrastructure Regulation (EMIR), integrating multiple front-office trading systems and reporting swap data to the DTCC global trade repository.
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