Misys Adds Connectivity to DTCC for Regulatory Reporting Service

Software provider Misys has added connectivity to DTCC’s Global Trade Repository for its Misys Regulatory Reporting Service (RRS).

Misys’s reporting solution, offered as Software-as-a-Service, enable corporates, fund managers and smaller banks to report to a trade repository on the execution, modification and termination of a derivative transaction, without needing to add new systems. The service also handles the valuation and collateral reporting requirements that came into effect under the European Market Infrastructure Regulation (EMIR) in August 2014.

Previously, the service connected to REGIS-TR (the joint venture between Iberclear and Clearstream) for EMIR OTC reporting, and now users have the option to report to DTCC’s Global Trade Repository, which could be helpful for users in countries where trade reporting regulations are in the pipeline, such as Switzerland, Canada, Singapore, and Australia.

In addition to adding a choice in trade repositories, Misys also added support for commodities reporting, as well as compliance with new tighter validation rules.

Overall, Misys has over 30 companies now subscribed to the service, reporting on behalf of more than 100 individual legal entities.

“I am delighted with the uptake of our regulatory reporting service and the trust that our clients have put in us to deliver a solution that allows them to meet the ongoing regulatory demands,” says Neil Macro, global sales director, Misys Global Managed Services. “As regulations start to take hold around the world, it was vital that our RRS service was both scalable and adaptable to meet the requirements in all jurisdictions in which our clients operate. There remains much uncertainty in the market over issues such as derivative definitions, timelines and penalties for non-reporting, and longevity of banks’ willingness to take on delegated reporting. As the mist slowly clears on these issues, there will be many more companies requiring a solution to help automate their OTC derivative trade reporting, both for EMIR and for all other global regulations. Misys RRS is perfectly placed to provide this.”