Company overview
The trading firm, headquartered in London, is a a key participant in the global energy sector.
Business situation
The trading firm required a robust solution to efficiently manage its extensive regulatory reporting requirements. The company’s previous outsourced reporting process posed several challenges, including reduced visibility into data reported to trade repositories and regulators on their behalf, as well as misreported data which attracting regulatory attention.
These challenges highlighted the need for the firm to regain ownership and control over its data.
Analysis and outcome
In response, the trading firm made a strategic decision to bring its regulatory reporting process in-house, moving away from the outsourced model. This shift enabled a more streamlined and controlled end-to-end reconciliation process.
After evaluating several leading reference data providers, SmartStream was selected for its specialised expertise in listed derivatives reference data and consultative approach.
Solution
SmartStream provides the reference data, specifically designed to cover all listed derivative product types, empowering the firm with:
- Access to high-quality Exchange-Traded Derivatives EMIR Reference Data
- Comprehensive support for rigorous regulatory reporting requirements
- A robust framework to comply with the newly enacted EMIR Refit mandates
- Seamless integration with the SmartStream Reference Data Service (RDS) Listed Derivatives Service – ensuring data accuracy and compliance
Benefits
- The RDS offers key benefits:
- Enhances in-house control over their regulatory reporting
- Increases transparency and accountability in reporting processes
- High-quality reference data enhances the accuracy of reporting to regulatory authorities
- Reduces risk of non-compliance and regulatory scrutiny
- Internal teams with the tools they need for efficient data reconciliation
- Drives compliance and operational excellence
