A leading global provider of financial data and services required a comprehensive, independent trade, and transaction reporting control framework to help their clients navigate various regulations, including MiFIR, EMIR, Dodd-Frank, and other G20 derivatives reporting obligations. The client required a solution that not only stayed up-to-date with the ever-changing regulatory and political landscape in each country but also reduced the risk of regulatory scrutiny, regardless of the reporting solution used or the complexity of the workflow.
The client tasked Sprinterra with delivering an assurance platform capable of supporting the current jurisdiction stack, with extensibility to accommodate additional jurisdictions and industry trends. The new platform needed to integrate with various data sources, asset classes, and data structures. The aim was to provide clients with the transparency and regulatory intelligence needed to ensure confidence in their reporting quality and mitigate the risk of regulatory sanctions. Data Mapping was identified as a critical component to unify different data models into a single, flexible, and transparent system capable of fast changes. A crucial challenge was to launch a new version of the platform that fully satisfies the requirements of the CFTC Rewrite by December 2022.
Sprinterra participated in developing a modular, scalable, and flexible platform that allowed firms to identify and rectify errors while monitoring the completeness and accuracy of reporting through an eligibility engine and regulation-specific reconciliations. The platform offered global coverage and adapted to various countries’ regulations and political landscapes, including jurisdictions such as CFTC, Canada, MiFIR, EMIR, SFTR, HKMA, MAS, ASIC, JFSA, and BOI.
The solution handled complex and specific scenarios in the Data Mapping area, including but not limited to:
Human-readable notation of Data Mapping rules.
Support for 1:1, 1:M, M:N relationships.
Capability to evaluate or skip Data Mapping rules based on complex business logic.
Feature management.
Extension of rules with additional linked or connected regulatory information/documents.
The solution allows data integration specialists or subject matter experts (SMEs) to implement new features and make changes mostly independently of software developers. This improved operational efficiency, enhanced product quality, and reduced development costs. Sprinterra’s contribution to this complex project helped launch the new product in line with the CFTC Rewrite initiative (December 2022), thereby ensuring up-to-date regulatory compliance.
Streamlined regulatory compliance across multiple jurisdictions, reducing the risk of sanctions.
Enhanced transparency and regulatory intelligence, boosting client confidence in reporting quality.
Timely launch in accordance with the CFTC rewrite, ensuring up-to-date regulatory compliance.
Improved scalability and flexibility to accommodate evolving regulatory environments and diverse client needs.
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