SmartStream and RegTek.Solutions have combined products to deliver Reconcile.Trade, a service providing turnkey reconciliation solutions for global regulatory reporting. RegTek brings trade and transaction reporting software to the service, and SmartStream its reconciliations platform.
Reconcile.Trade is designed to meet regulatory demand for proactive oversight of trade and transaction reporting, and supports Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) requirements for robust controls and oversight including visibility into reconciliations at a detailed attribute level. The service not only identifies possible compliance breaches and control breaks, but also delivers the workflow tools of TLM Premium, the latest version of SmartStream’s platform, which drive root cause analysis and orchestrate efficient resolution.
Kurt Eldridge, head of global sales at SmartStream, says: “Partnering with RegTek.Solutions enables us to deliver a unique managed service that enhances customer value with a single entry point for all control requirements.”
Reconcile.Trade offers ‘regulation aware’ reconciliations that are pre-integrated with trade repositories (TRs), approved reporting mechanisms (ARMs) and national competent authorities (NCAs). This meets regulatory requirements for reporting firms to have arrangements and mechanisms in place to reconcile internal data with data reported to regulators via TRs or ARMs. It also provides completeness assurance through identification of over- or under-reporting, including duplicates, as well as accuracy assurance by matching individual reporting data attributes required by various global regulations.
For many reporting firms, MiFIR requires three-way reconciliation between front-office systems, ARMs and an NCA. Direct reporting firms require reconciliation between front-office systems and their NCA. Reconcile.Trade delivers these reconciliation options on the TLM Premium platform, while a RegTek.Solutions service level agreement ensures trusted, ongoing maintenance of the reconciliations.
The service can be delivered as a hosted or software-as-a-service (SaaS) solution, or it can be installed in a client’s private infrastructure.
