28th February 2013: deadline of Dodd-Frank Act for FX, commodities and equities
Lombard Risk Management plc (LSE: LRM), a leading provider of integrated collateral management and liquidity, regulatory, transaction and MIS reporting solutions for the financial services industry, is pleased to announce that Lombard Risk's REFORM for transaction reporting went live, enabling firms to meet February 28th Dodd-Frank Act Title VII regulatory deadline for FX, commodities and equity asset classes.
Dodd-Frank Act (Title VII) Wall Street transparency and accountability is regulation by the CFTC and SEC for the better management of OTC swaps markets. European Market Infrastructure Regulation (EMIR) and Markets in Financial Instruments Directive/Regulation 2 (MiFID/R2) are other jurisdictional equivalents, and will become operational in due course, as will various Asian regulatory initiatives, for example by the Hong Kong Monetary Authority. Financial institutions are required to report details of specific trades to the appropriate trade repository and notify of any amendments for the duration of the trade. All information is required to be reported "as soon as technically practicable", from T+15min - T+1day.
Lombard Risk launched REFORM in July 2012 to meet the above requirements, and provide firms with real-time global transaction processing and reporting to multiple swap data and trade repositories, ensuring transparency of processes and keeping firms compliant.
Lombard Risk has been working with several financial institutions to implement REFORM for transaction reporting for Dodd-Frank AND EMIR, the European equivalent to Dodd-Frank, integrating multiple front office trading systems and reporting swap data to the DTCC global trade repository - with acknowledgements from the DTCC and reconciliation of client trade book.
- 12th October 2012: Dodd-Frank Act effective reporting date for Interest Rate and Credit Swaps
- 28th February 2013: Dodd-Frank Act effective reporting date for FX, Commodities and Equities asset classes
- 15th March 2013: EMIR adopted technical standards were published in the Official Journal on 23rd February 2013 and will enter into force on 15th March 2013
- 23rd September 2013: EMIR reporting start date (Interest Rate and Credit Derivatives) if a trade repository is registered for these asset classes