Cappitech Completes First Data Porting outside CME

Thursday, 27/08/2020 | 12:30 GMT by Arnab Shome
  • The company tapped REGIS-TR and other trade repositories to replace CME.
Cappitech Completes First Data Porting outside CME
Cappitech

Cappitech, a regulatory reporting and intelligence solutions provider, has announced the completion of the first vendor-led trade reporting data porting today, following CME’s decision to exit as a trade repository.

In the press release shared with Finance Magnates, the Israeli company explained that EMIR porting is complex as it requires the porting of the full history of both open and closed positions in case of a TR winding down. Thus, the company had to post all CME-held market data history since 2014.

“Porting these incredibly high volumes across the industry is not a simple process. It’s imperative that clients, vendors, and TRs are working together today to ensure that the slots are booked and that the data is ready to be moved,” Cappitech CEO, Ronen Kertis told Finance Magnates.

The Completion of a Complex Transfer Process

He stressed the complexity of the process mentioning that the high volume of data required the platform to book the porting slots in advance, and the process was completed over last weekend.

The data from the first group of clients that include several different financial institutions types and asset classes were reported to Deutsche Boerse’s REGIS-TR. Moreover, Cappitech is tapping other trade repositories to fill in for CME.

“I am delighted that Cappitech has chosen REGIS-TR to support its EMIR reporting solution. The successful porting of the first tranche of accounts from CME last weekend represents an important milestone and, in this regard, I very much look forward to the continued development of our long-term strategic partnership,” Thomas Steimann, CEO of REGIS-TR S.A, said.

“With a large percentage of the industry needing to port their data to new TRs, this is much more significant undertaking than when individual clients choose to move TRs for any reason,” Kertis added.

“We know that there are still firms who have not decided on a new vendor for their reporting and I want to use this opportunity to call them to make this decision in the next couple of weeks to ensure sufficient time for the transition.”

Cappitech, a regulatory reporting and intelligence solutions provider, has announced the completion of the first vendor-led trade reporting data porting today, following CME’s decision to exit as a trade repository.

In the press release shared with Finance Magnates, the Israeli company explained that EMIR porting is complex as it requires the porting of the full history of both open and closed positions in case of a TR winding down. Thus, the company had to post all CME-held market data history since 2014.

“Porting these incredibly high volumes across the industry is not a simple process. It’s imperative that clients, vendors, and TRs are working together today to ensure that the slots are booked and that the data is ready to be moved,” Cappitech CEO, Ronen Kertis told Finance Magnates.

The Completion of a Complex Transfer Process

He stressed the complexity of the process mentioning that the high volume of data required the platform to book the porting slots in advance, and the process was completed over last weekend.

The data from the first group of clients that include several different financial institutions types and asset classes were reported to Deutsche Boerse’s REGIS-TR. Moreover, Cappitech is tapping other trade repositories to fill in for CME.

“I am delighted that Cappitech has chosen REGIS-TR to support its EMIR reporting solution. The successful porting of the first tranche of accounts from CME last weekend represents an important milestone and, in this regard, I very much look forward to the continued development of our long-term strategic partnership,” Thomas Steimann, CEO of REGIS-TR S.A, said.

“With a large percentage of the industry needing to port their data to new TRs, this is much more significant undertaking than when individual clients choose to move TRs for any reason,” Kertis added.

“We know that there are still firms who have not decided on a new vendor for their reporting and I want to use this opportunity to call them to make this decision in the next couple of weeks to ensure sufficient time for the transition.”

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6338 Articles
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