Fund Recs’ Velocity platform is now being used to automate the reconciliation between Investment Managers accounting records and Trade Repositories to support EMIR regulatory requirements.
Velocity is a set of software modules that helps investment managers, global fund administrators and auditors to achieve straight through reconciliations.
Delivered as a fully hosted Software as a Service solution, Fund Recs provides live in app support to assist with onboarding and help meet daily deadlines.
Completing timely and accurate trade and position reconciliations is imperative to firms so that all Central Bank & ESMA requirements are met for EMIR purposes. Management firms with sub advisors or delegated models have the ultimate responsibility that all trades are being reported to the repository and that the information being reported is accurate. Although this can be outsourced the responsibility cannot be outsourced. The Central Bank have confirmed that delegated reporting is one of four areas they will be focusing on. They have stated that if reporting obligations are delegated firms should still reconcile all data to ensure all relevant trades have been reported, remedial action is taken to resolve any issues and that they regularly review trade repository rejection reports.
Fund Recs CEO, Alan Meaney, says: “Effectively overseeing EMIR trade reporting continues to be a key focus for many firms. Regulatory data is growing exponentially and we’re investing heavily to ensure operational teams have the right tools to rise to the challenge.”
Mercer are one of the firms that have gone live with the Velocity platform in its Dublin Office which has increased efficiency, reduced risk, and helped meet the regulatory requirements.
Speaking about the new partnership, Des Pierce a Partner in Mercer’s Investment Solutions business, says: “When seeking to enhance our EMIR oversight process, we were looking for a solution that could absorb and reconcile key EMIR data from various sources and for a system that would have the versatility and potential to cope with reconciliations for additional regulations & functions. Fund Recs met these requirements and we were very impressed with their approach to solving the problem which allows us to maintain the highest oversight standards.”
