RIMES launches new software for BMR compliance

Data management company RIMES Technologies has launched a new service to help banks, asset managers and insurers with meeting the EU’s Benchmarks Regulation (BMR).

The RIMES RegFocus BMR Data Feed ensure the benchmarks used by asset managers, banks and insurance companies for financial instruments and contracts are compliant with BMR. The EU’s BMR regulation came into force on January 2018 and implemented a common framework and consistent approach for benchmark regulation in the EU.

This new service from RIMES maps index reference codes from official symbols including ISIN, Bloomberg Ticker and RIC. Through this, the platform has a complete repository of all indices authorised by the EU, including those from administrators based in third=country jurisdictions.

Alongside this, the platform compiles data from interviews with over 350 of Rimes data partners, and information from ESMA and European regulators. This means the system is consnstantly updated of any developments in the benchmarks space.

RIMES CMO Alessandro Ferrari said, “While BMR has been in force for nearly a year, we’re in the middle of a regulatory transition period, and there’s still a great deal of uncertainty over what the benchmarks landscape will look like once the dust has settled.

“Our new service provides benchmark users with clarity into the unfolding situation and gives them the information they need to reduce the risk of non-compliance and avoid disruption to their businesses. What’s more, as a managed service benefiting from economies of scale, our solution enables firms to meet the challenges of BMR compliance cost-effectively.”

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