Northern Trust to Provide Delegated Client Trade Reporting through Sapient Global Markets Solution
Northern Trust (NASDAQ:NTRS) today announced it has deployed a new Compliance Management Reporting Solution (CMRS), utilizing technology developed by Sapient Global Markets, a division of Sapient (NASDAQ:SAPE) . Northern Trust will now be able to deliver delegated reporting requirements for its clients under the Dodd-Frank Act and European Market Infrastructure Regulation (EMIR) for all derivatives including over the counter/exchange traded, cleared/bilateral and foreign exchange.
The increasing complexity and growing long-term cost of adhering to global regulatory reporting requirements is a significant challenge to the financial services industry. Northern Trust is working together with Sapient Global Markets to address this issue with CMRS, a sustainable solution developed from Sapient Global Markets’ deep understanding of the capital and commodity markets and technology expertise. With the CMRS tool, Northern Trust is uniquely positioned to provide its clients with an innovative, post-trade reporting platform to meet complex reporting obligations while managing overall cost.
“We are pleased to work with Sapient Global Markets to meet the complex and evolving needs of our clients, offering them flexibility to define their own desired regulatory support model,” said Peter Sanchez, head of Northern Trust Hedge Fund Services. “The CMRS solution will allow us to automate key derivatives processes, which will improve efficiency and reduce costs. Additionally, it will enable us to streamline reporting and speed up the data collection, transformation and submission process, helping firms minimize business risk associated with non-compliance. Our collaboration with Sapient provides our clients a market leading front-to-back derivatives operational and regulatory support model across all global client and asset types.”
CMRS is a dynamic solution that imports Northern Trust’s client trade data in a single system to conduct trade reporting and reconciliation including collateral and valuation, portfolio reconciliation, and dispute workflow. A single, comprehensive view of compliance across systems, asset classes, and geographies helps firms understand and react more quickly to compliance needs. The CMRS tool supports Northern Trust’s outsourcing, custodial, and fund administration functions, including investment operations outsourcing and hedge fund services.
“Our clients are facing one of the most complicated regulatory environments seen in our industry to date,” said John Southgate, head of derivatives product in Europe, Middle East and Africa at Northern Trust. “CMRS represents a direct extension of our existing OTC derivatives middle office servicing abilities and a complimentary addition to our general compliance, custody, and collateral support offerings. Sapient Global Markets’ scalable solution will help us continue to offer holistic global support to our clients using derivatives.”
CMRS also aggregates and reconciles derivatives data across multiple trade repositories and jurisdictions in a single solution. This enables Northern Trust to be flexible and efficient in servicing the varied demands of its middle office asset manager clients and support evolving global requirements including portfolio reconciliation.
“Despite the February and August reporting deadlines, many buy-side firms are still figuring out how to provide the required reporting services to their clients and support their derivatives business,” said Randall Orbon, senior vice president, Sapient Global Markets. “Northern Trust is ahead of its peers because it recognized the complexity of the regulatory landscape and the value they could provide their clients with a transformative solution. We have collaborated closely with Northern Trust throughout the process to understand its precise reporting requirements and help support a critical element of its post-trade reporting infrastructure.”
About Sapient Global Markets
Sapient Global Markets, a division of Sapient(R) (NASDAQ:SAPE) , is a leading provider of services to today’s evolving financial and commodity markets. We provide a full range of capabilities to help our clients grow and enhance their businesses, create robust and transparent infrastructure, manage operating costs, and foster innovation throughout their organizations. We offer services across Advisory, Analytics, Technology, and Process, as well as unique methodologies in program management, technology development, and process outsourcing. Sapient Global Markets operates in key financial and commodity centers worldwide, including Boston, Calgary, Chicago, Dusseldorf, Frankfurt, Houston, London, Los Angeles, Milan, New York, Singapore, Washington D.C. and Zurich, as well as in large technology development and operations outsourcing centers in Bangalore, Delhi, and Noida, India. For more information, visit www.sapientglobalmarkets.com.
About Northern Trust
Northern Trust Corporation is a leading provider of asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. Chicago-based Northern Trust has offices in 19 states, Washington, D.C., and 19 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2014, Northern Trust had assets under custody of US$6 trillion, and assets under investment management of US$924.4 billion. For 125 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com and follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures
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