Regulatory reporting platform Cappitech has released its insights tool for peer review regulatory analysis.
The company’s goal is to help financial institutions improve their data quality for reporting with new insight tools. The new solution, which will join Cappitech’s regulatory dashboard, will give granular statistics on rejection reasons and late reports across MIFIR, EMIR, MAS, Canadian and ASIC Derivative Reporting, it said.
These new insights will give financial companies access to actionable data and analytics which can gauge the quality of their reports, identify areas which need addressing and monitor its improvements.
The platform tracks the percentage of rejected reports each day and the main submission errors. This helps users to uncover systematic problems such as handling ISIN details, client identifiers (NCIs) or venue information.
Features of the insights tool include a list of rejection reasons, whether rejections were identified internally or by the NCA, the ability to filter by regulation, rejection type and data, and a charting of rejection rates and late reports compared with industry averages.
Over time, Cappitech will add additional data points to its insight’s solution, with analytics of counterparty transaction percentages and leaderboards of top traded products are in the pipeline.
In a blog post the company said, “A common question we get from our customers is: “How does my reporting compare to the rest of the market?”. To address this, the new Insights and performance product also provides peer review statistics.
“Combining anonymised data from across the industry, a rolling percentage of Rejection and Late Report rates across each regulation is available for Cappitech customers to compare to their performance statistics. In this way, firms can understand if they are lagging or outperforming their peers in terms of the quality of their submissions.
Last year, the RegTech 100 company formed a partnership with capital market data and trade matching platform Trax. Through the deal, Cappitech and Trax combined their solutions to give financial institutions tools to meet MiFID II reporting requirements.
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