Kyriba Partners with GRC to Help Organizations Deliver EMIR Compliance
January 17, 2014
Global SaaS treasury management leader to provide comprehensive trade reporting functionality
PARIS, January 20, 2014 - Kyriba, the leader in cloud-based treasury management solutions, has partnered with Global Reporting Company (GRC) to provide its clients with European Market Infrastructure Regulation (EMIR) compliant derivatives trade reporting capabilities.
The agreement enables all of Kyriba’s clients that have a European presence to implement a comprehensive solution for EMIR reporting, benefiting from shared technical expertise from a best-in-class consultancy while maintaining independence and enhancing internal controls.
GRC offers firms, including corporate entities and investment managers, an end-to-end solution to address regulatory trade reporting requirements. It delivers a neutral fully outsourced service, enabling market participants to spread their trading risk by continuing to use multiple prime brokers whilst consolidating reporting tools, data mapping, process monitoring and connectivity through GRC to the REGIS-TR trade repository.
“Many of Kyriba’s clients are EMEA-headquartered or have operations in Europe, and a large number of these organisations trade in derivatives,” said Rémy Dubois, EVP and managing director Kyriba EMEA. “Thanks to this partnership with GRC, our clients can now be fully compliant with the upcoming EMIR regulation, without the need to either develop expensive and complex custom projects for direct trade reporting, or be stuck with the inflexible option of delegating reporting to bank counterparties. With GRC, we have the best of all worlds, with a low-cost, flexible and powerful reporting solution. Kyriba enables its clients to spend less time on manual and low-value tasks, and more time providing strategic counsel across the organisation. With the GRC partnership, becoming EMIR-compliant is both simple and cost-effective for our clients.”
“EMIR compliance has become an increasingly burdensome process, with companies typically having few options,” said Sophie Langlois, partner at Codiese and co-founder at GRC. “GRC’s solution removes much of the technical headache and high cost of compliance, while giving the peace of mind of a comprehensive and robust trade reporting solution. This partnership with Kyriba will open our reporting solution up to a wide range of companies, and will enable them to be worry-free when the deadline for EMIR compliance arrives on February 12.”
EMIR is mandated by the European Securities and Markets Authority (ESMA), and requires the clearing, risk mitigation and reporting of over-the-counter and listed derivative transactions to a recognised trade repository. It comes into effect on February 12, 2014.
About Global Reporting Company
Global Reporting Company (GRC) provides firms with a solution to address regulatory reporting requirements imposed by G20-led reforms to the derivatives markets with a focus on corporate and buy side client needs.
These reforms are being enacted in Europe through the European Market Infrastructure Regulation (EMIR) and a second version of Markets in Financial Instruments Directive (MiFID II). GRC provides an effective, low touch solution allowing clients to:
- Centralise their reporting obligations in a single point of access, simplifying the process and its monitoring
- Protect their independence and the confidentiality of their trades and positions vis-a-vis counterparties
- Benefit from operational support facilitating the administrative management of their derivatives business
- Take advantage of a secure technical environment complying with market regulation
- GRC is based on a robust technical platform provided by Global Markets Exchange Group International LLP (GMEX Group) through its GMEX Technologies Limited subsidiary (GMEX TECH) and is supported by CoDiese’s regulatory and financial markets expertise.
GRC is jointly owned by GMEX TECH and CoDiese. GMEX Group stakeholders include Deutsche Börse AG and Forum Trading Solutions Limited through its investment vehicle.
For more information, visit www.globalreportingcompany.com