Refco Overseas (ROL), the London-based division of Refco Group, is implementing software from STB Systems to automate regulatory reporting to the Financial Services Authority (FSA).
Refco is installing STB's automated reporting application, STB-Reporter - which includes the vendor's STB-SuperConsolidator data management tool - which will extract, collect and format relevant data from disparate source systems.
The vendor says the system will handle all reporting required by the FSA, including large exposures, capital adequacy, financial resources and position risk reporting. All reports are processed through STB-Reporter which displays screen versions of the forms that staff would typically have completed manually. Full drill-downs to underlying data items are provided and audit trails are available at all stages.
Michael Thomas, group CEO, STB Systems, says all future changes to FSA regulatory returns will also be included: "Changes to the way deposit taking institutions and investment businesses report to the FSA with the introduction of MER and XBRL mean that Refco will receive these changes as a part of their annual licence."
STB says the data collected within its STB-SuperConsolidator system may also be used by Refco for additional reporting requirements in the future.