With 1M firms falling under EMIR reporting requirements but only 25% reporting, Capptivate aims to make it easier for the other 75%.
EMIR; for most of the world, is an innocent, meaningless acronym. But, for many European financial firms, EMIR brings to mind other four letter words.
Standing for European Market Infrastructure Regulation, EMIR is an EU initiative that was created to set in place reporting rules for over the counter (OTC) derivatives trades such as Swaps, CFDs and options. The impetus for the creation of EMIR was the result of the 2008/09 global financial crisis, of which losses on derivative trades played a major factor in the crisis.
As an OTC market that is based on counterparty relationships without central clearing parties, losses on derivative products caused a domino effect of which banks, brokers and other financial parties bought and sold securities which became uncollectable from their counterparties. To mitigate this risk, financial regulators around the world have been creating various guidelines to allow for better analysis and pre and post-trade credit risk. Beyond the EU, similar trade reporting rules have been put in place by the CFTC in the US and ASIC in Australia.
Within the EU, one of the biggest complaints of EMIR is the far reaching requirements of who is required to report. As a result, even firms with minimal involvement with the OTC derivative market trading nearly exclusively in the spot market, or companies that use derivatives for hedging purposes may be required to report.
There are about one million organizations meant to report under EMIR
Another problem facing financial firms with EMIR is the difficulty in actually filling out the reporting requirements. Specifically, trade reports generated by company solutions rarely sync well with fields required by EMIR trade repositories. As a result, according to Ronen Kertis, CEO of Cappitech, who explained to Finance Magnates: “Our understanding is that there are about one million organizations meant to report under EMIR, where only 25% of them do.”
To create a solution to assist brokers and other entities required to report EMIR with handling the reporting process, Cappitech has created a new division, Cappitech Regulation. Formerly an R&D and development division for ITG, Cappitech became a standalone firm through a management buyout. Since becoming independent of ITG, Cappitech continues to provide services to ITG, but has also expanded its work to include technology outsourcing to other financial firms. Like with ITG, its expertise is based on creating trading and reporting systems.
In creating Capptivate, the product was based on its past experience in building reporting solutions for MiFid 1 including helping clients report their trades under the EMIR Regulation. As a result of realizing that firms were meeting difficulties in their reporting, as well as viewing many of similar issues being experienced, it led Cappitech to create an automated solution for handling EMIR reports.
Offered as a SaaS product, Capptivate is an end-to-end solution for firms to upload their trade reports and have them validated and sent directly to trade repositories such as the CME, DTCC and others. Capptivate is offered as both a self-reporting solution to assist firms in generating their EMIR reports that they file with a trade repository. In addition, firms can let Capptivate report on their behalf, thereby removing the necessity to work directly with repositories.
Using the product, firms first upload their trade reports to the system. The solution then converts data fields to format them to meet requirements of designated trade repositories. After this process, Capptivate then analyzes the data for errors and provides specific explanation of what needs to be fixed.
Once reports are structured to meet all reporting requirements, for clients using the end-to-end solution, Capptivate sends the information on behalf of clients to the trade repository. Kertis explained that they added the ability to have reports submitted as it saves them “the need to contract with the trade repositories.” Kertis added that there is also a cost benefit as he stated: “We have volume reporting agreements and are also able to significantly reduce client’s cost compared to paying directly to the trade repository.”
First emerging to the public with the launch of a dedicated website for Capptivate, Cappitech is planning its larger public presentation of Capptivate at next month’s Finance Magnates' London Summit.
EMIR; for most of the world, is an innocent, meaningless acronym. But, for many European financial firms, EMIR brings to mind other four letter words.
Standing for European Market Infrastructure Regulation, EMIR is an EU initiative that was created to set in place reporting rules for over the counter (OTC) derivatives trades such as Swaps, CFDs and options. The impetus for the creation of EMIR was the result of the 2008/09 global financial crisis, of which losses on derivative trades played a major factor in the crisis.
As an OTC market that is based on counterparty relationships without central clearing parties, losses on derivative products caused a domino effect of which banks, brokers and other financial parties bought and sold securities which became uncollectable from their counterparties. To mitigate this risk, financial regulators around the world have been creating various guidelines to allow for better analysis and pre and post-trade credit risk. Beyond the EU, similar trade reporting rules have been put in place by the CFTC in the US and ASIC in Australia.
Within the EU, one of the biggest complaints of EMIR is the far reaching requirements of who is required to report. As a result, even firms with minimal involvement with the OTC derivative market trading nearly exclusively in the spot market, or companies that use derivatives for hedging purposes may be required to report.
There are about one million organizations meant to report under EMIR
Another problem facing financial firms with EMIR is the difficulty in actually filling out the reporting requirements. Specifically, trade reports generated by company solutions rarely sync well with fields required by EMIR trade repositories. As a result, according to Ronen Kertis, CEO of Cappitech, who explained to Finance Magnates: “Our understanding is that there are about one million organizations meant to report under EMIR, where only 25% of them do.”
To create a solution to assist brokers and other entities required to report EMIR with handling the reporting process, Cappitech has created a new division, Cappitech Regulation. Formerly an R&D and development division for ITG, Cappitech became a standalone firm through a management buyout. Since becoming independent of ITG, Cappitech continues to provide services to ITG, but has also expanded its work to include technology outsourcing to other financial firms. Like with ITG, its expertise is based on creating trading and reporting systems.
In creating Capptivate, the product was based on its past experience in building reporting solutions for MiFid 1 including helping clients report their trades under the EMIR Regulation. As a result of realizing that firms were meeting difficulties in their reporting, as well as viewing many of similar issues being experienced, it led Cappitech to create an automated solution for handling EMIR reports.
Offered as a SaaS product, Capptivate is an end-to-end solution for firms to upload their trade reports and have them validated and sent directly to trade repositories such as the CME, DTCC and others. Capptivate is offered as both a self-reporting solution to assist firms in generating their EMIR reports that they file with a trade repository. In addition, firms can let Capptivate report on their behalf, thereby removing the necessity to work directly with repositories.
Using the product, firms first upload their trade reports to the system. The solution then converts data fields to format them to meet requirements of designated trade repositories. After this process, Capptivate then analyzes the data for errors and provides specific explanation of what needs to be fixed.
Once reports are structured to meet all reporting requirements, for clients using the end-to-end solution, Capptivate sends the information on behalf of clients to the trade repository. Kertis explained that they added the ability to have reports submitted as it saves them “the need to contract with the trade repositories.” Kertis added that there is also a cost benefit as he stated: “We have volume reporting agreements and are also able to significantly reduce client’s cost compared to paying directly to the trade repository.”
First emerging to the public with the launch of a dedicated website for Capptivate, Cappitech is planning its larger public presentation of Capptivate at next month’s Finance Magnates' London Summit.
TradeStation and Coincheck Drive Monex's 850% Profit Surge
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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