Delta Capita, a leading global capital markets consulting, mutualised managed services and technology provider, today announces that it has partnered with Reg X Innovations, a regulatory technology start up, to launch a new regulatory readiness assessment platform.
Specifically designed to prepare clients for the EMIR Refit, Delta Capita’s assessment platform is built on proprietary technology that leverages algorithms to analyse new and existing reportable data against the EMIR Refit ruleset.
The platform processes data from firm’s trading platforms and trade repositories to analyse reportable fields and data reporting errors and provides an automated report that highlights data gaps and mappings for the new EMIR Refit fields, and visual representations of data lineage.
This product launch comes at an important time. The EU EMIR Refit reporting deadline has been recently confirmed for the 29th April 2024, with the UK implementing its regime months after this date on the 30th September 2024.
The revised regulation will impact all firms trading derivatives on a trading venue, or over-the-counter, in the EU or UK, as well as central counterparties and trade repositories.
Karan Kapoor, Head of Risk and Regulatory Consulting at Delta Capita, comments: “We’re beyond excited to be bringing to market an innovative new platform to help firms prepare for the EMIR Refit. With only 12 months to go until the first reporting deadline, now is the time for firms to start reviewing their current processes, identifying where the gaps are, and working alongside industry experts, such as Delta Capita, to make sure they are fully compliant.”
Kalyan Deshpande, Founder of Reg X Innovations, adds: “Like all data intensive reporting regulations, such as the EMIR Refit, the consequences of poor implementation can be costly. Delta Capita’s platform offers firms the opportunity to complete a thorough assessment of their current reporting so that they can avoid these expensive penalties.
“We’re thrilled to be partnering with Delta Capita, a firm who is as dedicated as we are when it comes to innovation and going above and beyond the call of duty for clients.”