GoldenSource has launched a new derivatives solution to help financial institutions automate International Securities Identification Numbers (ISIN) codes needed for MiFID II transaction reporting.
How this helps ISIN Reporting
Due to their complexity and operational risk, OTC contracts often incorporate more detail than other securities, which is why ISINs need to be documented immediately under MiFID II. The GoldenSource solution helps remove this complexity and risk by providing a single repository for instrument, issuer, counterparty, reference and trade data for derivatives. This means financial institutions can access the key information needed to report on their derivatives trading faster to the regulators.
GoldenSource gathers all the data that a key allocator of ISINs – the Association of National Numbering Agencies (ANNA) Derivatives Service Bureau (DSB) – requires to provide banks with a code. The GoldenSource solution also covers all the asset classes for which ANNA DSB is providing ISINs – including interest rates, equites, commodities, FX and credit derivatives. Using GoldenSource also enables banks to bring in data for the ANNA DSB Classification of Financial Instruments (CFI), a code which provides investors with a more granular detail into the type of derivatives being traded.
Commenting on the new solution, Volker Lainer, VP of Product Management and Regulatory Affairs at GoldenSource said: “Whether it’s identifying the specific type of derivative and its issuer for each transaction, or reacting quickly to changes in a counterparty’s credit rating, an awful lot of information now needs to be reported. Our solution is uniquely positioned to handle the diverse nature of derivatives, as it can source, validate and distribute all client and counterparty details throughout the trading life cycle of an OTC contract.”
Available from the start of July, the GoldenSource derivatives solution integrates with its existing MiFID II reporting product, allowing financial institutions to build a single source for all derivatives-related data.
About GoldenSource
GoldenSource’s software, services and expertise enable firms in the financial markets to manage risks, comply with regulatory requirements, and control costs in the middle and back office with a trusted source of complete, consistent information. Its products source, standardize, validate and deliver mission critical market, reference, customer, position and transaction data to the people and systems that need it, such as trading, compliance, risk management, settlements, and accounting. GoldenSource provides automated, enterprise-level processing delivered through a single hosted or on-premise platform, to achieve the highest levels of data quality and operational efficiency.
For more information, visit: www.thegoldensource.com
For more information contact:
Tim Focas, Aspectus
+44 20 7242 8867