Corvil is working with regulatory reporting provider Abide Financial to help firms comply with regulations that include a real-time reporting obligation such as Markets in Financial Instruments Directive II (MiFID II). The partnership also reduces risk by reconciling middle and back office transaction data with a record of each order message that is sent and received.
The combined solution uses Corvil technology to capture clock synchronised, timestamped trade transactions in real time, normalise, sequence and enrich the data, and stream it in near real time through a jointly developed connector into Abide’s cloud based data hub. A series of Abide processes, including additional error checks, manage the data, reconcile it with middle and back office data, and publish reports to regulators.
David Murray, chief business development officer at Corvil, says: “The integration of Corvil and Abide technology makes it possible to achieve faster and more accurate compliance, particularly with time reporting requirements like those in MiFID II. It also means clients don’t have to build a reporting solution and they get a higher level of error checks as errors identified by other users are noted in the Abide hub.”
As well as providing timestamped transaction reporting for MiFID II, the integrated solution can support requirements of other regulations such as Dodd-Frank and European Market Infrastructure Regulation (EMIR), and is suitable for use by firms across the UK, Europe, US, Canada and Australia that must comply with international regulatory regimes.
Murray says Corvil decided to collaborate with Abide as clients were increasingly using its data and analytics to meet some parts of regulatory requirements, but as a result of the collaboration they can achieve complete multi-regime reporting. He expects Corvil, Abide, joint clients and new clients to be interested in the solution and says the companies are in conversation with some joint clients and are building a proof of concept.
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