The German-based bank, Bayerische Landesbank (BayernLB) announced today that it has selected the US-based firm Broadridge Financial Solutions for its regulatory trade and transaction reporting.
According to the press release published by Broadridge, the German bank will use Broadridge’s multi-asset class, multi-jurisdictional regulatory trade and transaction reporting solution for a single strategic solution. The new solution will cover several regulatory trade reporting commitments including SFTR, EMIR, MiFIR and MMSR.
Broadridge mentioned that the solution will enable BayernLB to take advantage of an integrated data model that is flexible enough to accommodate additional reporting jurisdictions. BayernLB will be able to reduce operational costs and risks through Broadridge’s solution.
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Commenting on the latest announcement, Hugh Daly, Head of Capital Markets Data & Regulatory Solutions at Broadridge, said: “We are excited to help BayernLB with all of the industry’s new and ever-evolving reporting requirements and to see this solution live in the German market. We are extremely proud that Broadridge continues to be the provider of choice for globally recognized financial institutions looking to streamline and de-risk their regulatory reporting process.”
Earlier this month, Broadridge Financial Solutions announced the launch of its latest version of the Private Market Hub platform. In May 2021, the US-based company completed the acquisition of Itiviti.
BayernLB is a streamlined specialized bank that is based in Munich. For the German and Bavarian economies, BayernLB has significant importance as the bank is one of the leading investment financiers for both economies.
“Our customer relationships and commitment to service quality are what makes BayernLB special. We are very pleased that our decision to adopt Broadridge’s trusted reporting solution not only delivers significant operational efficiency gains and positions us well for future change, but also enables us to dedicate an even higher proportion of our resources to developing customer service relationships and focus more on our attention on what makes us truly unique,” Peter Graml, Head of Operating Office, Treasury Products Service at BayernLB, commented.