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With the April 10 deadline looming for commodity swap market counterparties to obtain their Commodity Futures Trading Commission legal entity identifiers for Dodd-Frank compliance reporting, RiskAdvisory is announcing its preparation of SAS BookRunner v12 commodity trading and risk management (CTRM) connections to the swap data repositories (SDRs).
To help commodity customers achieve Dodd-Frank compliance, the SAS BookRunner Regulatory Module captures trade data required for submission to the SDRs from multiple systems in any format. Then the compliance solution aggregates that data into a single master record, compiles the data files required for compliance, and uploads the reports to SDRs using secure connections.
“BookRunner automatically gathers data that’s needed for Dodd-Frank compliance from traders’ entries of their daily trading activities. This aggregation approach beats hands down the alternative of logging on for manual trade-by-trade entry into the SDR,” said Patrick Woody, RiskAdvisory’s Senior Strategist for Regulatory Risk.
“The RiskAdvisory automated process minimizes manual entry errors and also corrects, with each day-end upload, any trade information that is updated or changed throughout the lifetime of a contract, satisfying yet another requirement of data submission to the SDRs,” Woody said. BookRunner facilitates the function of interfacing with the three major SDRs, such as ICE’s Trade Vault, for the transmission of trading record data.
“We are confident BookRunner’s functionality will lead the industry in terms of providing the flexibility needed to comply with any new reporting requirements that emerge over time,” Woody said. He added that RiskAdvisory, a division of business analytics leader SAS, has a long history with financial institutions that delivers “an unparalleled experience and familiarity with data transmissions in FpML, the computer language for financial transaction reporting.”
