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How one platform brought pre- and post-trading reporting together.
A shared reporting system helps firms meeting changing regulatory requirements without rebuilding for every new rule.
market share for derivatives reporting (est.)
global trade reporting clients
15 jurisdictions covered by DTCC
Trade reporting keeps getting harder. Financial firms must keep pace with changing rules across markets, asset classes and regulatory regimes, often while supporting complex reporting systems of their own. Every new mandate can add even more technology to maintain, more processes to manage and more pressure on internal teams.
The Depository Trust & Clearing Corporation (DTCC) sites at the center of this challenge. As a major market infrastructure provider for the global financial services industry, DTCC provides pre- and post-trade reporting for derivatives and securities worldwide. With Publicis Sapient, DTCC set out to give firms a simpler way to handle those obligations through a single platform, bringing more reporting activity together and reducing the burden of managing regulatory change.
As transaction reporting regulations have evolved, they have taxed firms’ internal operations, processes, governance and infrastructure. The lack of harmonized derivatives rules across jurisdictions has further complicated firms’ compliance challenges.
The market’s need for a suite of pre- and post-reporting services that can help alleviate the burden on in-house technology and staff – as well as increase operational efficiencies and drive down costs – first became obvious a few years ago. Staff were tasked with building and supporting complex systems to meet the periodically changing regulatory requirements of both derivatives and securities financing transaction reporting mandates.
From that point on, DTCC started to create a single platform to perform all pre-and post-transaction reporting tasks for clients, not only across asset classes but also across regulatory regimes. That platform is the DTCC Report Hub.
The first step in the DTCC Report Hub journey was to offer clients who were preparing to report under Securities Financing Transaction Regulation (SFTR) a way to help manage the data complexities of the mandate. After successfully rolling out DTCC Report Hub for SFTR, the logical next step was to introduce the pre-and post-reporting capabilities for global derivatives reporting.
Publicis Sapient engineered the Compliance Management Reporting System (CMRS) to act as an accelerator, and we’ve seen the platform develop a proven record of successfully supporting adherence to ever-evolving global reporting regulations.
After DTCC announced its acquisition of CMRS, it planned to integrate it with the DTCC Report Hub service to provide an extensive suite of pre-and post-trade reporting capabilities with comprehensive jurisdictional and regulation coverage, including Markets in Financial Instruments II (MiFID II), and other mandates in the United States, Europe, Canada, Australia, South Korea (subject to implementation of final regulations) and Hong Kong, among others. Firms using the newly expanded DTCC Report Hub offering have the ability to manage derivatives, MiFID II, and Securities Financing Transaction Regulation (SFTR) pre-and post-trade reporting requirements via a single vendor platform, allowing them to mitigate compliance risks, enhance operational efficiencies and reduce costs.
DTCC Report Hub’s robust functionality and flexible integration provides firms with access to a wide range of pre-and post-trade reporting capabilities, including pre-reporting data normalization and exception management, assessment of reporting eligibility, automated reconciliation, and compliance analytics creation. The DTCC Report Hub service also interfaces with registered trade repositories (TRs) and approved reporting mechanisms (ARMs) to facilitate trade submission and approved publication arrangements (APAs).
Under the terms of the acquisition, Publicis Sapient serves as a strategic partner to DTCC by continuing to support, maintain and develop enhancements to the technology platform.
The DTCC Report Hub service now allows firms to manage all reporting–including derivatives, Markets in Financial Instruments II (MiFID II) and Securities Financing Transactions Regulation (SFTR) pre-and post-trade reporting–via a comprehensive platform. The combined trade reporting and consulting experience that DTCC and Publicis Sapient contribute to the existing technology platform creates a single, highly efficient, evolving, comprehensive reporting solution that will help clients manage the complexities of meeting multiple regulatory mandates across jurisdictions.
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CMRS is an established platform that, when integrated with the DTCC Report Hub service, will provide the industry with a proven pre and post reporting service that offers unrivalled asset and jurisdictional coverage.
"— Chris Childs
Managing Director, Head of Repository & Derivatives Services, DTCC
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Thanks to Publicis Sapient, the DTCC Report Hub now provides a proven pre- and post-reporting service that offers unrivalled asset and jurisdictional coverage.
"— Chris Childs
Managing Director, Head of Repository & Derivatives Services, DTCC
Paul Gibson
Director - Strategy, Practices & M&A
