BearingPoint has announced that a host of its clients have been successfully delivering their MiFID II/MiFIR reports with the ABACUS/Transactions solution.
BNG Bank, PASS Banking Solutions, Landesbank Baden-Wuerttemberg and others, have been using BearingPoint’s Abacus solution to submit their daily reports since the launch of MiFID II/MiFIR reporting on January 3, 2018.
The reports are submitted directly to the National Competent Authorities (NCAs) or via a so-called Approved Reporting Mechanism (ARM) in various European countries, such as Germany, Austria, Liechtenstein, the Netherlands and Finland.
MiFID II and MiFIR have significantly expanded the previously existing reporting requirements under MiFID and apply to all trading centers and all financial instruments.
Holger Englert, CEO at PASS Banking Solutions, said: “Due to MiFIR complexity and a tight deadline, we had to find a software provider that could not only demonstrate profound expertise in transaction reporting but also implement its solution within a very short time frame.
“Therefore, we have opted for BearingPoint with its proven track record in regulatory reporting. The result exceeded our expectations: BearingPoint’s Abacus solution was deployed within just a few weeks after our initial meeting. As a result, we have been successfully submitting our daily reports under MiFIR since its launch.”
ABACUS/Transactions is a module-based, off-the-shelf software solution designed to help reporting institutions to meet the requirements for several types of transaction-based reporting. The product has already covered MMSR, EMIR (II), FMIA/FinfraG, CSA and MiFID II/MiFIR reporting obligations and is currently being enhanced by the SFTR module.
The client has a choice to use each of the modules separately or in combination and the product can flexibly connect to multiple source system.
BearingPoint is an independent management and technology consultancy, operating in three units: consulting, solutions and ventures. It solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics according to its website.
Maciej Piechocki, partner at BearingPoint, added: “With the MiFID II/MiFIR go-live, we have reached an important milestone. Although we must still thoroughly evaluate the first experiences and optimize processes, this success already confirms that our Abacus solution properly covers the needs of reporting institutions, which makes us proud.
“The combination of enormous granular data volumes at high reporting frequency and various overlapping reporting requirements places higher demands on reporting software than ever before.”
Earlier this year, Raiffeisen Bank International selected BearingPoint’s software solution to meet the MiFID II/MIFIR, EMIR II, MMSR and SFTR reporting requirements.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
