RiskTech Forum

CSL Corporate Services partners with BearingPoint for full-service MiFIR transaction reporting solution

Posted: 8 November 2018  |  Source: BearingPoint


CSL Corporate Services (CSL), an IT service provider for financial services based in Liechtenstein, selected BearingPoint’s ABACUS/Transactions for a full-service MiFIR transaction reporting solution. CSL decided for Abacus as a Managed Service, which means BearingPoint hosts the solution and takes care of all tasks and processes of the technical operation, infrastructure services, application management, and support.

CSL, part of First Advisory Group, offers IT solutions for asset managers, investment managers and other financial providers. Since January 3, 2018, MiFIR (Markets in Financial Instruments Regulation) has required European investment firms and trading center operators to report all relevant changes in their positions or those of their clients to the competent supervisory authority by the end of the following business day. With BearingPoint’s ABACUS/Transactions as an end-to-end-processing system in combination with a third-party solution for the front-end, CSL offers firms a full-service transaction reporting solution.

"With the ABACUS/Transactions MIFIR module, we provide asset managers with a user-friendly solution to submit their MiFIR reports to the FMA on a daily basis in a largely automated manner. BearingPoint has proven itself to be a competent solution provider, whose software helps us to offer our customers a comprehensive service and to facilitate their compliance with current regulatory requirements." said Tino Kesseli, Head of IT at CSL Corporate Services

The first MiFIR reporting according to Art. 26 of MiFIR to the Liechtenstein Financial Market Authority went successfully for CSL clients. All affiliated asset managers submitted the new MiFIR transaction reports in time.

"We are very pleased to have fulfilled the trust placed in us by CSL. We are proud of such positive feedback from our customer because it shows how our software solution supports the financial institutions concerned in fulfilling their transaction reporting obligations according to MiFIR." said Bodo Windmöller, Chief Product Officer RegTech at BearingPoint

ABACUS/Transactions is a market-proven modular software solution for transaction-based reporting. Besides the MiFIR module, the software covers modules for the reporting of derivative contracts in accordance with EMIR, FMIA/FinfraG, CSA and money market transactions in accordance with the ECB Money Market Statistics Regulation (MMSR). Currently ABACUS/Transactions is extended by the module SFTR. Companies subject to reporting requirements can use the modules individually or in combination and benefit from an end-to-end-processing and a highly standardized process chain - from data import to notification submission and feedback. In addition to an optimized inbound delivery, the standardized inbound interface enables the cross-module use of the data to fulfill the reporting regimes supported by ABACUS/Transactions. The software can be operated on premise or as a Managed Service.

Further information can be found at https://reg.tech/en/