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Adding value through multi-service delivery for a leading international Financial Service Provider

Adding value through multi-service delivery for a leading international Financial Service Provider

Business Need

The client wanted HCL to analyze the existing transaction reporting system and execute a system for sustained compliance with the MiFID transaction reporting guidelines.

Challenges and Requirements
  • Current transaction reporting is through various channels using multiple messaging formats
  • Lack of centralized information on instruments and markets
  • No consolidated view of transaction reporting costs
  • Lack of proper error-handling mechanisms and poor procedures for "proof of compliance"
  • Several unresolved regulatory issues regarding reporting obligations for branches, approval of reporting channels etc.
  • New technical architecture should be scalable to handle at least ten-fold growth in volume
 
HCL Solution

HCL's services included business process optimization, Compliance Consulting-MiFID and providing an IT strategy.

  • Gap analysis of the existing reporting structure against the MiFID directives
  • Define a functional architecture to consolidate the reporting feeds of the existing systems
  • Optimize reporting channels and messaging modes
  • Development of an implementation plan detailing the functional and IT changes required
 
Business Benefits
  • Sustained compliance with MiFID directives for transaction reporting
  • Streamlined reporting processes driving process efficiencies and reduction of errors in reporting
  • Unified reporting enables achievement of time and cost efficiencies
  • Reduced manual effort in transaction reporting

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