Candian OTC Derivatives
The Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des marchés financiers (AMF), respectively, published Rule 91-507 requiring “reporting counterparties” to report certain derivatives data to “designated” or “recognized” trade repositories with respect to transactions involving “local counterparties”.
Fenergo’s Regulatory Compliance Management solution (which comprise one of the three product pillars of Fenergo’s Client Lifecycle Management platform) supports OTC Derivative Reform for Canada.
Broadly speaking, the regulations aim is to increase transparency for both the public and regulators, thereby increasing capacity for oversight and monitoring of systemic risk and detection/prevention of OTC Derivative market abuses. Ultimately, they have all been designed to implement a trade reporting regime that is consistent with other international regimes currently in effect in the UK and US, for example.
Fenergo’s support of Canadian OTC Derivative Regulations leverage the features and functionality within its solutions for Dodd-Frank (US), EMIR (Europe) and APAC derivative regulations, bringing together all the legal entity information and documents in a single place and capturing all the data requirements for the purposes of the individual regulations.
Fenergo’s Regulatory Compliance Management solution supports Canadian OTC Derivative regulations by conducting a rules-based evaluation of all legal entities to determine if they fall within scope of the Canadian derivative requirements (Fenergo’s Regulatory Rules Engine requires only a few key data inputs to make this determination). As part of this process, the solution records the data and documentation requirements particular to Canadian derivatives for auditing purposes.
The solution performs and illustrates the classification of the legal entity with respect to the individual regulatory requirements. To speed up time to compliance and onboarding, Fenergo’s Regulatory Compliance Management solution identifies all the client data and documentation that currently exists within the central repository (or other connected data repositories) that can be re-used to support compliance with Canadian OTC Derivative regulations. The solution also provides a sophisticated data capture mechanism to facilitate trade reporting.
CLIENTS WHO TRUSTOUR SOFTWARE SOLUTIONS
We chose Fenergo’s solutions because they will enable us to meet the increasing complex regulatory frameworks with an efficient and client-centric onboarding experience.
John Healy Managing Director, Head of Capital Markets Operations SunTrust Robinson Humphrey
Fenergo’s Regulatory Onboarding solution provides us with an additional level of flexibility and enhances our ability to prioritize our compliance initiatives.
Erica Benjamin Managing Director for Client Onboarding BMO Capital Markets
We chose Fenergo to support regulatory onboarding across our Global Banking and Markets division. We wanted a solution that would support an efficient onboarding experience for all of our customers.
Nicola Ray Smith Managing Director, Global Capital Markets Scotiabank
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