To meet the challenges of MiFID II Transaction Reporting, AutoRek provides a robust, automated control framework to support ongoing compliance.
- Robust Control Environment
- Post Reporting Reconciliations
- Automated Workflow to Pinpoint and Resolve Issues
- Scalable Solution
- Strategic and Auditable Solution
- Direct Link to Your ARM
- Reduce Risk of Over/Under Reporting
- Amalgamation and Consolidation of Data in a Single Repository
Firms must be able to demonstrate that they have full oversight and control of the trade lifecycle in order to fulfil Transaction Reporting obligations. To do so requires a series of interconnected reconciliations and integrity checks to monitor and resolve any data issues as they occur. This is far from easy to achieve in a non-automated environment, or when a number of systems or teams are involved in the process. AutoRek performs data integrity and validation checks, creating a golden source of data ahead of reporting via your selected ARM (Approved Reporting Mechanism).
MiFID II – Quality Control in Transaction Reporting
MiFID II poses a number of data and control challenges that are not easily met through manual processes or internally built EUC’s.
Application of AutoRek
- AutoRek loads data directly from source systems, enabling transactional and static data to be amalgamated and consolidated in a single repository.
- Using pre-configured rules, AutoRek verifies the completeness and accuracy of transactions, categorising, prioritising and escalating issues as they arise.
- AutoRek’s comprehensive audit functionality allows complete control and transparency of data.
- AutoRek’s case management and workflow functionality tracks issues, assigns them to the appropriate person, teams or 3rd parties for resolution, and monitors progress.
Post Reporting Reconciliations
RTS 22 Transaction Reporting calls for a post reporting 3 way reconciliation between the reporting entity, their ARM and the regulator. It is in the reporting entity’s best interests to perform this reconciliation on a frequent basis. AutoRek captures all 3 elements, performing reconciliations regularly and alerting users when issues occur.