More than a decade removed from the financial crisis, financial institutions are still struggling to accurately report data to regulators in a timely, consistent, and accurate manner resulting in considerable reputational damage and hefty fines from tens to hundreds of millions of dollars. Banks continue to work on multiyear, multimillion dollar projects to comply with Dodd Frank, MiFID I and II, EMIR, KYC, and AML directives. They either lack systems that can facilitate real-time monitoring and timely processing of transactions to determine over-, under-, or mis-reporting or lack the ability to systemically check documentation completeness prior to initiating trading activity with a new client or entity. Such challenges are resulting in increased processing and compliance costs, reduced profit margins, damaged brand equity, and poor customer experiences. Banks lack systems that provide a front-to-back view of all transactions with integrated compliance rules, workflow, reconciliation, and reporting capabilities.
The EZOPS platform is a full-service regulatory reporting solution—tracking conformance for compliance rules by tracking real-time messages from trading systems to check for documentation prior to trading with new counterparties to ensuring accurate and timely data submission to CFTC, FINRA, NFA, FCA, and ESMA and tracking SLA violations for Part-43 (RT and PET) and Part-45 (confirm) submissions.
The platform makes it easy for banks to be and to stay compliant. Delivering real-time pre-submission trade and account updates, it presents users with the most current and relevant data and increases auditability by automating data flow monitoring across systems including trade processing, reference data, and compliance monitoring systems. It also validates reporting eligibility by cross referencing pre- and post-transaction rules with details from front office and other internal or external systems and so much more.