RIMES Launches New Service to Help the Buy-Side Meet the Challenges of the New Benchmarks Regulation
RIMES Technologies, the leading provider of managed data services and RegTech solutions for the buy-side, has launched an innovative new solution: RIMES RegFocus® BMR Control. The cloud-based service will help asset managers, banks and insurance companies comply with the EU’s landmark Benchmarks Regulation (BMR) coming into force on 1st January 2018 without the high cost and operational disruption associated with in-house upgrades to compliance systems and processes.
Under BMR, which aims to introduce a common framework and consistent approach to benchmark regulation across the EU, Benchmark Users are defined as supervised entities that use indices as benchmarks, and issue financial instruments or contracts that references an index. Under the Regulation, these firms are required to understand which of the indices they use constitute a benchmark, and whether they can use these benchmarks in the EU. Additionally, they must have a substitute benchmark ready in case any benchmarks they currently use are withdrawn as a result of the Regulation.
RegFocus BMR Control provides Benchmark Users with a simple-to-use cloud service to meet their new compliance obligations under BMR. Through an advanced, feature-rich inventory management system, Benchmark Users can gain an immediate understanding of the universe of indices and benchmarks used at their firm, and benefit from immediate alerts to any areas in which they are at risk of non-compliance. Most importantly, RegFocus BMR helps benchmark users address the essential question: am I a Benchmark Administrator, a Contributor or a User, and for which benchmarks? The new service also includes comprehensive data enrichment capabilities, enabling firms to augment the key attributes of one or a set of benchmarks.
RegFocus BMR Control provides further levels of control through its advanced and highly-intuitive user interface. Firms using the service can rest assured that every benchmark they use is properly registered and administered under BMR. Additionally, RegFocus BMR Control draws on RIMES’ library of millions of benchmarks to provide users with instant access to substitute benchmarks.
Bruno Piers de Raveschoot, COO of RIMES Regulatory Division, commented: “BMR represents a significant step-up on the compliance obligations for the buy-side, and many will struggle to achieve compliance in time if they go down the traditional, in-house route. RegFocus BMR Control offers a compelling alternative: immediate compliance control at the low cost-points associated with the cloud. Our technology integrates seamlessly with the systems of Benchmark Users to provide a real value add: a system that delivers a comprehensive benchmarks inventory, proactively alerts firms about non-compliance, and enriches benchmarks data. I’ve heard from some clients that without such technology it is literally impossible to comply with the BMR.”
RIMES is a buy-side specialist that truly understands the data management and compliance challenges faced by its clients. It serves over 300 investment managers, pension funds, hedge funds, wealth managers, private banks, custodian banks and insurance companies in 40 countries including 60 of the 100 largest global asset managers and 9 of the 10 largest custodians by TAUM.