Banks eye ‘nirvana’ in machine-executable swaps reporting
Coded reporting requirements to save banks “millions” in compliance costs
Banks believe they may be able to find an answer to the perpetual system changes triggered by regulators’ frequent redrafting of derivatives reporting rules. New technology promises to cut compliance costs by axing the need for banks to undertake large implementation programmes every time a rule change is made.
“It will take a fair amount of time to get to nirvana, but that nirvana will be to save money on the interpretation of the regulation,” says a reporting specialist at a European bank.
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