The Dodd-Frank Wall Street Reform and Consumer Protection Act, known colloquially as Dodd-Frank, is an extremely important piece of legislation. It has brought forth the most significant changes to financial regulation this country has seen in almost a century.
As with any law, its effects are far reaching, and compliance with the law is both extremely important and, perhaps, a bit of a challenge for businesses that are busy trying to deal with so many different spinning plates. Thankfully, there are companies like middleware management expert Nastel Technologies striving to make compliance with Dodd-Frank as painless as possible.
The middleware management company has developed a solution that is specifically designed to monitor regulatory responsibilities. The AutoPilot for Dodd-Frank Compliance solution from Nastel Technologies provides financial institutions with real-time visibility into the lifecycle of trade events as well as the ability to monitor responsibilities associated with trade reporting.
Features
The AutoPilot solution boasts the following features to address specific requirements:
- Transaction Stitching: a graphical tool to alert a user in real time to a potential or actual breach in responsibilities.
- Execution Time Tracking: inspects the content of a trade message in order to monitor compliance.
- NACK Management: manages the workflow associated with NACK error messages to ensure proper reporting.
- Part 43 Real-time Reporting: records the time when data is transmitted to a register swap data repository for public dissemination.
- Monitoring of Mandatory Data: compliance departments must view and monitor transactions to validate reporting party determination/override and Unique Swap Identifiers.
- Reporting Window: counterparties must adhere to reporting windows based on characteristics of the trade report.
- Reconciliation: compliance departments must reconcile reporting activities at the end of every day.
Clearly, there is a great deal to manage and monitor when it comes to Dodd-Frank. But with the right tool, compliance becomes easier than ever. Nastel Technologies is explaining this using a customer case study by presenting at the IBM (News - Alert) Impact 2013, happening now in Las Vegas, Nev.
Edited by Alisen Downey