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Regulatory data quality for
EMIR reporting

Stay ahead of the demands of the EMIR Refit with an agile data quality solution.

Tell me more

Data accuracy, completeness and timeliness in focus as EMIR Refit tightens reporting rules

Phase I of the EMIR Refit goes live on 29 April 2024 in the EU and 30 September 2024 in the UK. In addition to 89 new fields to report and tighter error notification windows, data quality is in the spotlight. There are explicit requirements to ensure reported data is complete, accurate and timely. This will mean ensuring data quality upstream and performing post-reporting reconciliations quickly. Divergence between UK and EU implementation timelines could create even more headaches.

There’s a lot of change to manage as you implement the first phase of the Refit, with more to come after each regime’s go-live date.

Be ready for the Refit.

Phase 1 goes live in EU in:

00
days

Phase 1 goes live in UK in:

00
days

An agile new way to respond
to the EMIR Refit

The EMIR Refit is making sweeping changes to derivatives reporting rules. Changes that are stretching firms’ web of point solutions and outdated legacy systems to breaking point. It’s time for a different approach to regulatory change. One that embraces the advances in data technology to give unprecedented agility to the business.

Rethink your operating model and tackle the challenges of the EMIR Refit with faster, smarter tools. Put your SMEs in control and meet the demands of regulators today, tomorrow, and beyond.

Challenge

My operational processes need to change by the go-live date to stay compliant

Problem

Operational processes throughout the trade lifecycle need to evolve to meet the challenges of the Refit. Additional data fields need to be mapped into processes and upstream reconciliations, and post-reporting processes will need to be set up or reinforced. The work needed before the go-live dates next year is so significant that many firms are thinking about the Refit as a separate regime. But legacy tech stacks frequently adapt at glacial pace and require heavy IT involvement.

Solution

With Duco, no-code Natural Rule Language (NRL) allows you to quickly and easily normalise data, build new reconciliations, apply tolerances or adapt existing data quality processes themselves.

However, the scale and complexity of the Refit means you may need additional support. Our professional services team can help you map and build the reconciliation, or you can use our Refit template for an out-of-the-box solution.

Challenge

EMIR field changes add even more data sources and formats

Problem

ESMA has added 89 new reportable fields, removed 15 and made changes to many existing fields. At 203 reportable fields, the requirements are now 2x the size of MiFID. You’ll need to gather the new data from dozens of systems, transform it and then reconcile it to ensure it’s accurate both before it’s reported as well as after.

Solution

Simplify the process of gathering data for new reporting fields with our data-agnostic solution. It ingests data from multiple systems in multiple formats without pre-transformation. Aggregate, reconcile and feed to downstream reporting services with ease. Reconcile files from trade repositories to ensure the quality of reported data just as easily.

Challenge

You’re expected to spot and fix errors fast

Problem

You’ll have seven days to identify breaks and fix errors in reported data. There are fines for over- and under-reporting as well as actual reporting errors, not to mention the challenges of an audit. But legacy systems can’t handle the number of fields required – leading users to split the fields across multiple reconciliations. At the same time the lack of granularity makes identifying and fixing exceptions a long and tedious process.

Solution

Reconcile faster and pinpoint exceptions at field level. No more hunting around for the source of breaks, even when reconciling wide, complex data. The cloud-powered matching algorithm cuts runtimes and fuzzy matching reduces false breaks. Duco’s rule-based automated workflow can automatically label and assign exceptions, greatly expediting resolution.

Challenge

UK divergence and Phase II promise further changes to contend with

Problem

The UK has adopted its own version of EMIR following Brexit. The rules are broadly similar, but timelines are diverging and some small differences will remain. Different standards mean you need to manage diverging regimes. And Phase II of the EMIR Refit, scheduled for two years after the go-live date, will bring more reconcilable fields, including valuations. Your systems and reconciliations will need reconfiguring again and again – not an easy task when you’re relying on hard-coded technology.

Solution

Ditch months-long change projects, cross-charges from IT and length business requirements documents. Duco’s self-service platform gives your firm the agility to respond fast to changes, whether it’s something you can see coming, like diverging XML schemas in the UK and EU, or something unexpected.

Regulatory data quality. Simplified.

The Duco platform is the only choice when you need to respond fast, stay in control of your data, create transparency and future-proof your operations.

You’re in control

From our no-code Natural Rule Language to the Duco Alpha machine learning engine, our solution is designed to be user-friendly in every way, from setup to documentation.

Agile compliance

Adapt to the changing demands of regulators with ease and at short notice. From remapping existing processes to handling new data types, Duco’s data quality solution for the CFTC Rewrite keeps you one step ahead.

See everything

Get end-to-end transparency of your regulatory data quality processes and manage permissions on a granular level. Every action is recorded for complete auditability.

Always ready

Our platform is data agnostic and easily connects to both upstream and downstream systems. Whether it’s the regulation that evolves or your tech stack, Duco’s data quality solution comes with flexibility baked in to keep you future-proofed.

With Duco we were finally able to reach the high level of quality we strived for in regulatory reconciliations.

Joyce Verschaeren, Head OC&S at Rabobank

Transaction data needs to undergo a number of enrichment processes between front office capture and the final report, which need to be replicated in the reconciliation process, covering large complex data sets. The quick deployment, flexibility and usability of Duco’s self service application enables us to efficiently build towards this reconciliation process with very little technical support.

Ranith de Silva, Head of Operations, Redburn

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CASE STUDY

Data quality controls for EMIR and more at a tier one bank

Discover how a tier one bank used Duco’s agile solution and derivatives expertise to build regulatory data controls, including for EMIR reporting, in just one week and give end-to-end ownership to their business users.

Book a regulatory data quality workshop

Want to discover how firms just like yours are tackling the challenges of meeting regulatory data quality requirements?

Book a regulatory data quality workshop

We’re committed to your privacy. Duco will only use the information you provide to contact you about our relevant content, products, and services. You can unsubscribe from our communications at any time. More information is available in our Privacy Policy.

Book a one-to-one data quality workshop to uncover your true reconciliation footprint, revealing:

How much time and money your business is spending on data quality and reconciliation for regulatory data

The volume of data you’re processing and the chokepoints between systems

The impact of automating these reconciliation and data quality processes

Unlock the power of your data with Duco

Fill in the form to watch an extended demo of the Duco Platform in action.

We’re committed to your privacy. Duco will only use the information you provide to contact you about our relevant content, products, and services. You can unsubscribe from our communications at any time. More information is available in our Privacy Policy.