Stitching Up Regulatory Compliance
Sapient Global Markets Extends CMRS Regulatory Reporting Platform for Bank of Israel Requirements
Boston, USA — Sapient Global Markets, a leading global provider of business technology and consulting services for the financial and commodity markets, today announced the latest development to its award-winning CMRS platform that will enable firms to comply with Bank of Israel reporting requirements.
From January 1, 2017, the Bank of Israel is introducing mandatory reporting of FX, index-linked and interest rate derivatives transactions, for firms that have conducted a daily average of $15 million or more in transactions over the preceding 12 months. The reporting requirement applies to every conversion transaction between Israeli shekel and foreign currency, as well as every transaction involving the Shekel in foreign currency derivatives, interest rate derivatives, and index derivatives.
CMRS is a proven solution that connects to all major trading and risk management systems, collecting and normalizing data from those sources, applying reporting eligibility logic, translating it into the destination message format, and delivering it directly to the Swap Data/Trade Repositories.
To support the Bank of Israel’s requirements, the CMRS rules engine has been updated to identify the reportable trades before transforming the trade, transaction and valuation data, and populating the data fields required by the regulation. CMRS connects directly to the Bank of Israel’s secure repository, Cyber-Ark, to seamlessly submit reports as an XML file. These include the end of day transaction reporting, the end of month valuation of all active trades and the end of month snapshot of all executed transactions.
“We have seen a significant number of client and market participants, both buy- and sell-side, as well as Custodians, requesting support for Bank of Israel reporting. Sourcing the trade data, testing report templates for completeness and accuracy, and ensuring transmission requirements to existing in-house platforms is a large undertaking,” commented Arun Karur, vice president and Sapient Global Markets. “CMRS has been designed from the outset to be highly flexible to new rules, updates to existing rules, and accommodates different reporting destinations. Our dedicated team of technologists has worked on Bank of Israel reporting logic within CMRS, testing the reporting templates and connectivity to Cyber-Ark in preparation for the go live at the start of 2017. As a result, CMRS supports firms to transform their reporting function to be more responsive, cost-effective and sustainable by delivering a single platform to manage multiple reporting regimes.”
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