Financial-technology consultancy Sapient Global Markets has added web-based functionality to its compliance management and reporting system in an effort to better meet the needs of smaller trading firms.
“We are targeting an audience that wants a low-touch service, which is more of a self-service model,” said Arun Karur, vice president of the solutions group at Sapient Global Markets, a unit of Publicis.Sapient. “The portal provides the same functionality as Sapient’s core CMRS platform, but with another avenue of access that provides lower integration and maintenance costs and a quick on-boarding process.”
Once a firm registers with Sapient and receives its login credentials, it's a matter of downloading the Excel-based templates, completing the proper report and then uploading the report to the portal via dragging-and-dropping it on the proper section of the portal’s Webpage.
Arun Kurar,
Sapient
“The back-end system then processes the report and sends it to the appropriate swaps data repository or approved reporting mechanism,” explained Karur.
The new portal, which Sapient 'soft'-launched early last month, supports the trade-reporting regimes of the U.S., European Union, Canada, Australia, and Singapore.
Presently two firms are live on the system, according to Karur. “A small investment firm is using it for Australian reporting, while an energy trading firm is using it for Dodd-Frank reporting.”
Moving forward, Sapient plans to release an analytics module for its CMRS platform in a couple of month, which will provide users with data on which they can base trades. Sapient plans to begin work on MiFID II reporting functionality for its core CMRS platform early in the second quarter followed by support for its portal offering later in the quarter.
“We want to begin delivering support at the start of the fourth quarter so that our clients will have a couple of months to test and be prepared for reporting start date of January 1, 2017,” he added. “This is dependent on the MiFID II reporting deadline remaining as it is. There’s been talk on The Street that it may be delayed, but there hasn’t been any confirmation on that.”
Featured image by /Dollar Photo Club
