Successful MiFID II/MiFIR go-live for BearingPoint clients across Europe

BNG Bank, PASS Banking Solutions, Landesbank Baden-Wuerttemberg and other institutions have been using BearingPoint’s Abacus solution to successfully submit their daily reports since the launch of MiFID II/MiFIR reporting on January 3, 2018.

Stockholm, May 3, 2018 – Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), announced that its clients have been successfully delivering their MiFID II/MiFIR reports with the ABACUS/Transactions solution, starting from the initial reporting date on January 3, 2018. The reports are submitted directly to the National Competent Authorities (NCAs) or via a so-called Approved Reporting Mechanism (ARM) in various European countries, such as Germany, Austria, Liechtenstein, the Netherlands and Finland. The revised Markets in Financial Instruments Directive (MiFID II) and the supplementing Markets in Financial Instruments Regulation (MiFIR) represent a significant expansion of the previously existing reporting requirements under MiFID and apply to all trading centers and all financial instruments.

Susaan Ghajar, Project Manager at BNG Bank, commented: “In 2017, BNG Bank prepared the implementation of all MiFID II/MiFIR requirements which resulted in a successful go-live on January 3 and 4, 2018. BNG Bank uses ABACUS/Transactions as its reporting tool for the daily transaction reports to the supervisor AFM.”

Holger Englert, Chief Executive Officer at PASS Banking Solutions, said: “Due to MiFIR complexity and a tight deadline, we had to find a software provider that could not only demonstrate profound expertise in transaction reporting but also implement its solution within a very short timeframe. Therefore, we have opted for BearingPoint with its proven track record in regulatory reporting. The result exceeded our expectations: BearingPoint’s Abacus solution was deployed within just a few weeks after our initial meeting. As a result, we have been successfully submitting our daily reports under MiFIR since its launch.”

Bernd Großmann, Head of Department Backoffice FM, and Helmut Kutschera, Head of Department IT Application Management at Landesbank Baden-Wuerttemberg, said: “Based on our positive experience with ABACUS/Transactions for EMIR and MMSR reporting, we decided to use it also for MiFIR and MiFID II commodity derivatives reporting. It is very beneficial for us to have one solution which covers several types of transaction reporting – it reduces development and deployment costs, saves us time in implementation and training, and contributes to data harmonization. The decision to use ABACUS/Transactions for the implementation of MiFID II/MiFIR reporting proved to be a great success for us.”

Maciej Piechocki, Partner at BearingPoint, commented: “With the MiFID II/MiFIR go-live, we have reached an important milestone. Although we must still thoroughly evaluate the first experiences and optimize processes, this success already confirms that our MiFIR solution properly covers the needs of reporting institutions, which makes us proud. The combination of enormous granular data volumes at high reporting frequency and various overlapping reporting requirements places higher demands on reporting software than ever before. With ABACUS/Transactions, we offer a strategic, scalable solution that helps our customers to effectively manage the expected, ongoing changes in transaction-based reporting requirements.”

ABACUS/Transactions is a module-based, off-the-shelf software solution designed to help reporting institutions to meet the requirements for several types of transaction-based reporting. The product has already covered MMSR, EMIR (II), FMIA/FinfraG, CSA and MiFID II/MiFIR reporting obligations and is currently being enhanced by the SFTR module. Due to its layer structure, the client has a choice to use each of the modules separately or in combination. The product can flexibly connect to multiple source systems and offers a high level of automation. ABACUS/Transactions users benefit from BearingPoint’s longstanding expertise in regulatory reporting and its capability to make adjustments to modules, thus enabling a swift accommodation to changes in the regulatory requirements. The software is available as an on-premise solution as well as SaaS (software as a service).