Georg Gross, Deutsche Börse
Risk Focus will provide key system components for the Deutsche Börse Regulatory Reporting Hub's OTC Trade Reporting solution, including RegTek.Solutions' Validate.Trade product.
The functionality of the components provided by Risk Focus and Reg.Tek.Solutions includes interpretation of instrument details of OTC derivatives submitted in FpML or XML format as well as a rules engine for applying the regulatory validations, eligibility checks and deferrals.
"In the dynamic environment with frequent updates of regulatory details, the approach using a rules engine has already proven to be very useful. OTC trade reporting is one of the backbones of MiFID II, which is going to be effective as of January 2018. Deutsche Börse's MiFID II OTC trade reporting service will provide clients with an efficient and simple-to-use way of meeting their OTC transparency requirements in accordance with the new regulation," said Georg Gross, Head of Regulatory Services at Deutsche Börse.
"Given the extreme time pressure that firms are under to comply with MiFID II, we are proud to provide a version of Validate.Trade to all users of Deutsche Börse's Trade Reporting Services that allows them to start testing their OTC Trade Report Submissions straightaway. Our partnership with Deutsche Börse will enable us to combine existing and custom components to bring this important MiFID II Trade Reporting Service to market," said Lloyd Altman, Partner, Risk Focus.