OTC Derivatives Reform & Compliance
In an effort to enhance transparency in the over-the-counter (OTC) derivatives market, promote financial stability and support the detection and prevention of market abuse, the Group of Twenty (G20) nations agreed to introduce a series of regulatory reforms. These OTC Derivative regulations promise sweeping changes for all financial institutions, fundamentally altering the structure of the OTC derivatives market and impacting the way financial institutions conduct their business.
Specifically, this chaotic regulatory landscape has the potential to significantly affect the operations, data capture technology, workflows and operational efficiencies of financial institutions across the world.
Fenergo supports investment banks and capital market firms to navigate through the challenges and comply with the obligations of global and local OTC Derivative regulations such as:
US Dodd-Frank Wall Street Reform (known commonly as Dodd-Frank);
The Markets in Financial Instruments Directive / Regulation (MiFID );
The European Market Infrastructure Regulation (EMIR);
Canadian Derivatives OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting and Companion Policy 91-507CP;
ASIC Derivative Transaction Rules (Reporting) 2013;
Monetary Authority of Singapore (MAS) Securities and Futures Act Chapter 289;
HKMA Securities and Futures (Amendment) Ordinance.
Fenergo promotes a rules-driven, risk-based approach to managing multiple, cross-jurisdictional regulatory, data and documentation obligations simultaneously. It achieves this by identifying and leveraging synergies across regulations. In this way, up to 70-80% of the regulatory compliance obligations can be met with a cohesive effort (across data, documentation, technology), leaving only a small delta to be managed. By streamlining the regulatory, data and documentation processes, Fenergo’s Regulatory Compliance and Regulatory Onboarding software solutions help financial institutions to remove a lot of the complexity around OTC derivative reform, enabling them to:
- achieve compliance,
- avoid reputational risk and financial penalties;
- maintain competitive advantage.
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
Our main ambition is to streamline the end-to-end client lifecycle management process – from onboarding to regulatory compliance to lifecycle reviews – for all of our jurisdictions and to standardize processes and procedures across different divisions. Fenergo will help us to achieve operational efficiencies and improve our customer experience, whilst maintaining the highest level of regulatory compliance across the globe
Emma Rey Gállego Head of Customer Experience-Onboarding in CIB BBVA
CDD / KYC processes from client onboarding to client off-boarding and all the KYC / CDD compliance and lifecycle events (periodic and event-driven reviews) that occur in between. A core part of our business transformation program will involve creating an internal centralized KYC target operating model that will help us to simultaneously improve the client experience and reduce the cost impact of the regulatory KYC activities. Fenergo is the technology platform that will underpin this initiative.
Helène Erftemeijer Bank-wide responsibility for CDD, client master administration and regulations ABN AMRO
In The News
BNP Paribas Selects Fenergo for Compliance and Optimum Customer Experience
Source: Data Management Review
Fenergo Ranks No 1 in Regtech Report