Under the new requirements, the CMRS platform will identify which trades need to be reported before transforming the data into certain formats to meet the stringent reporting and transparency requirements.
CMRS aims to deliver a regulatory reporting platform which can be used across jurisdictions, even helping firms comply with regulations further afield in places like Australia, Canada and Singapore.
It also allows clients to trace and track data quickly after a transaction has been made.
Fundamental rethink
The Markets in Financial Instruments Regulation (MiFIR) and its associated directive MiFID II is driving a fundamental rethink of reporting standards, bringing in new regimes and transparency.
“Planning and preparing for these changes is a huge undertaking that is gathering pace after the recent publication of the final technical standards,” Sapient said.
Firms are expected to be complaint to the new European regulation by 3 January 2017.
“With such a fundamental shift in requirements, firms are using MiFIR and MiFID II as the catalyst to scrutinize their infrastructures due to the significant time it will take to implement and test the new obligations,” said Jim Bennett, managing director at Sapient Global Markets.
“The wider scope of reportable instruments and higher volumes is leading firms to question whether it makes sense to continually adjust internal infrastructures, or look to a more strategic approach to reduce cost and manage complexity.”
The CMRS platform connects to all major trading and risk management systems.
