Regulatory reporting product of the year: IHS Markit

Ronen Kertis, IHS Markit

IHS Markit Global Regulatory Reporting Solutions offers a cross-regulation platform that allows financial institutions to manage, process and analyse large quantities of data for reporting purposes. It gives compliance managers the transparency to achieve complete, accurate and timely reporting. The dashboard allows institutions to comply with regulatory requirements without the need to work directly with approved reporting mechanisms or trade repositories.

IHS Markit Global Regulatory Reporting Solutions has doubled its client base over the past year, and is now serving more than 500 clients. Using a robust technology that is easily scalable, the platform processes over 10% of the entire European Union trading volume.

With the acquisition of Catena Technologies in 2020, Cappitech in 2021 and continued investment in research and development, IHS Markit’s regulatory reporting business aims to be at the forefront of changing technology and regulations. The platform’s data visualisation and analytics tools are contributing to changes in how financial market participants meet their compliance obligations. Furthermore, the insights derived from trading data enable them to improve decision-making and ultimately profit and loss.

IHS Markit also has an evolving role in industry collaboration efforts. The regulatory reporting team establishes focus groups that allow market participants and industry groups to understand what is needed for successful implementation of new regulations. This allows IHS Markit to contribute to impactful changes in regulatory reporting.

Since launching its Securities Financing Transactions Regulation (SFTR) product in 2019, IHS Markit has continued to manage significant flows in the market for SFTR reporting. This reflects the success of the comprehensive and automated approach to SFTR reporting. SFTR analytics allow firms to process and analyse the large volumes of complex data generated by SFTR. This allows multiple business functions to review and analyse reporting information and benchmark regulatory reporting performance against peers.

The successful implementation of the Monetary Authority of Singapore’s over-the-counter reporting by all IHS Markit’s regulatory reporting clients marks another milestone for the business. Given the complexity of trade reporting and heightened regulatory expectations, this speaks to the regulatory reporting team’s talent and dedication.

To comply with best practices of monitoring transaction reporting, compliance managers can leverage the platform’s three-way reconciliation solution and the validation engine. The data visualisation and analytics allow them to focus on exception management.

New functionality allows firms to review submissions on an entity level as well as on a global level. And IHS Markit has also added an advanced eligibility tool for verifying reporting completeness. Finally, the introduction of enhanced pairing and matching functionality provides post‑trade repository pairing and matching reconciliation status, enabling a complete view of reporting data.
 

Judges said:

• “A true industry platform.”
• “Much-needed addition of advanced eligibility tool for verifying reporting completeness.”
• “Strong analytics capabilities.”
   

Ronen Kertis, Head of Global Regulatory Reporting Solutions at IHS Markit, says:

“We are thrilled to win this award. It is a testament to our continued dedication to the regulatory reporting space and the tangible impact we have had on the industry. Global organisations with complex legacy systems grapple with adapting to constantly evolving regulation. We believe this is an area where we can really support the market with our deep domain reporting expertise, innovative technology and focus on creating a positive user experience. Particularly as new regulations such as the Commodity Futures Trading Commission Rewrite, the Japan Financial Services Agency Rewrite and European Market Infrastructure Regulation Refit are looming, experience tells us that the more the industry prepares in advance with the right solution, the smoother and easier implementation will be.” 

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