Excelian is pleased to announce that it recently delivered three successful projects surrounding the European Market Infrastructure Regulation (EMIR) changes that came into force on 16th August 2012. EMIR, a European Union regulation designed to increase the stability of the Over The Counter (OTC) derivative markets throughout the EU, requires all banking entities within the EU to comply with it. As per EMIR requirements, all counterparties trading OTC and Exchange Traded Derivatives (ETD) are required to report their daily positions to a Global Trade Repository as of 12th February 2014.

Excelian delivered EMIR reporting capability for three large investment banks using specialist technologies to manage the additional complexity of these new regulatory requirements – the failure to comply with the hard deadlines would lead to significant penalties being imposed on the banks and which was considered an unacceptable risk. “Working under strict external deadlines,” explains Sourav Basu, a senior consultant for Excelian and stream-lead on one of the projects, “the team worked diligently to overcome numerous integration obstacles to ensure the systems were EMIR compliant.” Although each project had their own unique complexities, the objectives were consistent for each; wider transparency across the derivatives market and a reduction in systematic risk. 

Excelian approached each project using different technologies; LMESmart, LMEWire, Brady Trinity 660, DTCC Portal, Murex 2.11 and Murex 3.1. Common complexity in each of the projects included the need to build a scalable framework that was able to support multiple regulations due to the global presence held by the banks.

“The highly strategic approach that we took with one of the banks,” says Vincent Carbonare, a senior consultant at Excelian, “allowed us to deliver a real time regulatory reporting platform within the existing infrastructure that supported reporting of all trade life cycle events, reporting of error alerts and future-proofed the platform for further regulatory jurisdictions that will soon take effect globally.”

With strong teams of business analysts and developers at the different client sites, the teams were able to leverage their collective financial and regulatory knowledge to ensure that the systems were enhanced and integrated seamlessly. Sourav says “the team's triple advantage of strong financial, regulatory and systems integration knowledge helped ensure that these strategic and business critical client projects were a success.”

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